The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Who's Borrowing Now? Change in Debt by Credit Score and Age Group
The New York Fed’s Household Debt and Credit Report for 2013Q4 shows that net aggregate household
borrowing has resumed, and our blog post
discusses who is driving this change and how it compares with 2006. The charts here show contributions to changes in balances by borrower age and credit score
(we use the Equifax Risk Score for these) for 2013 and 2006. Just choose an age group (from the top left panel) and the chart will show balance changes by credit
score for each household debt product. Or choose a credit score group (top right panel) and the chart will show contributions by age. In each case, the x-axis shows
(in parentheses) the shares of each group in the total. So, for example, in 2013 38 percent of borrowers under 30 had a credit score less than or equal to 620, while
22 percent of all borrowers with a credit score that low were under age 30.