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.

  • Mortgage + HELOC
  • Auto
  • Credit Card
  • Student Loan

2005 Q4 – 2006 Q4

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2012 Q4 – 2013 Q4

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Source: FRBNY Consumer Credit Panel/Equifax

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