On Thursday the Federal Reserve Bank of New York released its “The State of Low-Income America: Credit Access & Housing,” report.
- this examines debt holdings across income groups
A key takeaway:
- “Low- and moderate-income debt holders are struggling in today’s post-pandemic period,”
- “We see this in rising early delinquencies in auto and credit card debt. Most low-income homeowners did not refinance during the mortgage refinancing boom, missing an opportunity to lower monthly mortgage payments.”
- Median credit card balances are now higher for all groups than they were before the pandemic.
Fed's Williams
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