Center for Microeconomic Data

 
HOUSEHOLD DEBT AND CREDIT  (Based on New York Fed Consumer Credit Panel)
Background
The large increases in consumer debt and defaults—of mortgage debt in particular—during the Great Recession highlighted the importance of understanding the liabilities reflected on household balance sheets. To that end, one of the CMD’s large data collection projects is the New York Fed Consumer Credit Panel, which is constructed from a nationally representative random sample of Equifax credit report data. Analysis of this dataset is regularly reported in the CMD’s Quarterly Report on Household Debt and Credit. The dataset can be used to calculate national and regional aggregate measures of individual- and household-level credit balances, and delinquencies by product type. The Consumer Credit Panel also provides new insights into the extent and nature of heterogeneity of debt and delinquencies across individuals and households.

Frequently Asked Questions about the CCP.
Reports and Data
REPORTS
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Data Bank
Data and materials related to the Quarterly Report on Household Debt and Credit are available in the CMD’s Data Bank including:
  • Data Underlying National Charts
  • Data on Debt Balances per Capita by State
  • State-Level Household Debt Statistics 2003-15
  • Historical Data (1999-2003)
Analysis
Liberty Street Economics
Student Loan Delinquencies Are Back, and Credit Scores Take a Tumble
May 2025
Student Loan Balance and Repayment Trends Since the Pandemic Disruption
March 2025
Credit Score Impacts from Past Due Student Loan Payments
March 2025
When the Household Pie Shrinks, Who Gets Their Slice?
March 2025
Breaking Down Auto Loan Performance
February 2025
Are First-Time Home Buyers Facing Desperate Times?
February 2025
Archive
2024
Income Growth Outpaces Household Borrowing
November 2024
Delinquency Is Increasingly in the Cards for Maxed-Out Borrowers
May 2024
How Are They Now? A Checkup on Homeowners Who Experienced Foreclosure
May 2024
The New York Fed Consumer Credit Panel: A Foundational CMD Data Set
April 2024
2023
FHA First-Time Buyer Homeownership Sustainability: An Update
November 2023
Credit Card Delinquencies Continue to Rise–Who Is Missing Payments?
November 2023
An Update on the Health of the U.S. Consumer
October 2023
Credit Card Markets Head Back to Normal after Pandemic Pause
August 2023
The Great Pandemic Mortgage Refinance Boom
May 2023
First-Time Buyers Did Not Drive Strong House Price Appreciation in 2021
May 2023
Does the CRA Increase Household Access to Credit?
February 2023
Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments
February 2023
2022
Balances Are on the Rise--So Who Is Taking on More Credit Card Debt?
November 2022
Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan
September 2022
Three Key Facts from the Center for Microeconomic Data’s 2022 Student Loan Update
August 2022
Historically Low Delinquency Rates Coming to an End
August 2022
First-Time Buyers Were Undeterred by Rapid Home Price Appreciation in 2021
May 2022
Refinance Boom Winds Down
May 2022
Who Are the Federal Student Loan Borrowers and Who Benefits from Forgiveness?
April 2022
Student Loan Repayment during the Pandemic Forbearance
March 2022
More
The Role of Educational Attainment in Household Debt and Delinquency Disparities
November 2021
Unequal Distribution of Delinquencies by Gender, Race, and Education
November 2021
Uneven Distribution of Household Debt by Gender, Race, and Education
November 2021
Forbearance Participation Declines as Programs’ End Nears
August 2021
Small Business Owners Turn to Personal Credit
May 2021
What Happens during Mortgage Forbearance?
May 2021
Keeping Borrowers Current in a Pandemic
May 2021
What’s Next for Forborne Borrowers?
May 2021
Mortgage Rates Decline and (Prime) Households Take Advantage
February 2021
Following Borrowers Through Forbearance
November 2020
Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
August 2020
Debt Relief and the CARES Act: Which Borrowers Benefit the Most?
August 2020
Are Financially Distressed Areas More Affected by COVID-19?
August 2020
A Monthly Peek into Americans’ Credit During the COVID-19 Pandemic
August 2020
Inequality in U.S. Homeownership Rates by Race and Ethnicity
July 2020
Medicare and Financial Health across the United States
July 2020
Do College Tuition Subsidies Boost Spending and Reduce Debt? Impacts by Income and Race
July 2020
Measuring Racial Disparities in Higher Education and Student Debt Outcomes
July 2020
U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID-19
May 2020
Did Subprime Borrowers Drive the Housing Boom?
February 2020
Charging into Adulthood: Credit Cards and Young Consumers
February 2020
Racial Disparities in Student Loan Outcomes
November 2019
Is Free College the Solution to Student Debt Woes?
October 2019
Who Borrows for College—and Who Repays?
October 2019
Student Loan Borrowing and Repayment by Neighborhood Composition
John C. Williams, President and Chief Executive Officer
September 2019
Mind the Gap in Delinquency Rates
August 2019
Press Briefing on the Evolution and Future of Homeownership
May 2019
Homeownership and Housing
Olivier Armantier, Andrew F. Haughwout, Gizem Kosar, Donghoon Lee, Joelle W. Scally, and Wilbert van der Klaauw
NEW YORK FED, May 2019
Shifts in Credit Market Participation over Two Decades
May 2019
The Sustainability of First-Time Homeownership
April 2019
Who’s on First? Characteristics of First-Time Homebuyers
April 2019
A Better Measure of First-Time Homebuyers
April 2019
Auto Loans in High Gear
February 2019
A Closer Look at Recent Tightening in Consumer Credit
December 2018
A Look at Borrowing, Repayment, and Bankruptcy Rates by Age
November 2018
Cleaning Up Collections
August 2018
New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used
May 2018
Home Prices, Housing Wealth, and Home Equity Extraction
Andrew F. Haughwout, Donghoon Lee, Joelle W. Scally, and Wilbert van der Klaauw
NEW YORK FED, May 2018
Homeownership and Housing Wealth
Beverly Hirtle, Executive Vice President and Director of Research
New York Fed, May 2018
Remarks at the Economic Press Briefing on Homeownership and Housing Wealth
Beverly Hirtle, Executive Vice President and Director of Research
New York Fed, New York City, May 2018
Presentation: Press Briefing on Household Debt with a Focus on Student Debt
Rajashri Chakrabarti, Andrew F. Haughwout, Donghoon Lee, Joelle W. Scally, and Wilbert van der Klaauw
NEW YORK FED, April 2018
Do Expansions in Health Insurance Affect Student Loan Outcomes?
March 2018
Just Released: Great Recession’s Impact Lingers in Hardest-Hit Regions
February 2018
Did Import Competition Boost Household Debt Demand?
January 2018
Who Is More Likely to Default on Student Loans
November 2017
Just Released: Auto Lending Keeps Pace as Delinquencies Mount in Auto Finance Sector
November 2017
Just Released: More Credit Cards, Higher Limits, and . . . an Uptick in Delinquency
August 2017
Household Borrowing in Historical Perspective
May 2017
Do Credit Markets Watch the Waving Flag of Bankruptcy?
May 2017
At the N.Y. Fed: Press Briefing on Household Borrowing with Close-Up on Student Debt
April 2017
Household Borrowing, Student Debt Trends, and Homeownership
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, April 2017
Opening Remarks at the Economic Press Briefing on Household Borrowing, Student Debt Trends and Homeownership
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, April 2017
When Debts Compete, Which Wins?
March 2017
Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different
February 2017
Evolving Consumer Behavior
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, January 2017
Just Released: Subprime Auto Debt Grows Despite Rising Delinquencies
November 2016
Puerto Rico’s Evolving Household Debts
August 2016
Just Released: Recent Developments in Consumer Credit Card Borrowing
August 2016
Tracking Consumer Credit Trends
TROY DAVIG AND WILLIAM XU
THE MACRO BULLETIN, August 2016
Student Loan Issues
KELLY D. EDMISTON, SENIOR ECONOMIST
KANSAS CITY FED, KANSAS CITY, MISSOURI, June 2016
Consumer Credit Conditions
COMMUNITY DEVELOPMENT DEPARTMENT
DALLAS FED, June 2016
Tenth District Consumer Credit Report
KELLY EDMISTON, SENIOR ECONOMIST
KANSAS CITY FED, June 2016
Just Released: Hints of Increased Hardship in America’s Oil-Producing Counties
May 2016
Student Loan Borrowing and Residence Trends Among Younger Americans
Meta Brown, Andrew Haughwout, Donghoon Lee, Joelle W. Scally, and Wilbert van der Klaauw
NEW YORK FED, May 2016
The Deleveraging of U.S. Households: Credit Card Debt over the Lifecycle
ECONOMIC SYNOPSES
ST. LOUIS FED, May 2016
Is There a Student Loan Crisis? Not in Payments
FOREFRONT
CLEVELAND FED, May 2016
Economic Opportunity and Income Mobility
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, April 2016
The Graying of American Debt
February 2016
Whither Mortgages?
February 2016
Just Released: Household Debt Grew Slowly in 2015 as Mortgage Balances Stayed Flat
February 2016
Remarks at the New York Fed’s Economic Press Briefing on the Household Debt and Credit Report
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, February 2016
Just Released: New and Improved Charts and Data on Auto Loans
November 2015
Trends in Debt Concentration in the United States by Income
November 2015
Just Released: Releveraging the Consumer Credit Panel with Two New Charts
August 2015
How Much Student Debt Is Out There?
META BROWN, JESSE BRICKER, SIMONA HANNON, AND KAREN PENCE, FEDS NOTES
August 2015
Just Released: Mortgage Borrowing among Most Creditworthy Abates
May 2015
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015
April 2015
Credit Growth and Economic Activity after the Great Recession
James McAndrews, Executive Vice President and Director of Research
New York Fed, New York City, April 2015
Student Loan Borrowing and Repayment Trends, 2015
Andrew F. Haughwout, Donghoon Lee, Joelle W. Scally, and Wilbert van der Klaauw
NEW YORK CITY, April 2015
Opening Remarks at the Convening on Student Loan Data Conference
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, March 2015
Payback Time? Measuring Progress on Student Debt Repayment
February 2015
Looking at Student Loan Defaults through a Larger Window
February 2015
The Student Loan Landscape
February 2015
Just Released: Student Loan Delinquency Rate Defies Overall Downward Trend in Household Debt and Credit Report for Fourth Quarter 2014
February 2015
Household Formation within the “Boomerang Generation”
February 2015
Just Released: Household Debt Balances Increase as Deleveraging Period Concludes
November 2014
Just Released: Looking under the Hood of the Subprime Auto Lending Market
August 2014
What Americans (Don’t) Know about Student Loan Collections
June 2014
Rising Household Debt: Increasing Demand or Increasing Supply?
May 2014
Just Released: Young Student Loan Borrowers Remained on the Sidelines of the Housing Market in 2013
May 2014
Rising Household Borrowing
James J. McAndrews, EXECUTIVE VICE PRESIDENT AND DIRECTOR OF RESEARCH
NEW YORK FED , May 2014
Just Released: Who’s Borrowing Now? The Young and the Riskless!
February 2014
Just Released: Deleveraging Decelerates and Household Balances Increase
November 2013
Just Released: Who Is Driving the Auto Lending Recovery?
August 2013
Student Debt Overview
Meta Brown, SENIOR ECONOMIST
NEW YORK FED , August 2013
Are Recent College Graduates Finding Good Jobs?
William C. Dudley, President and Chief Executive Officer
New York Fed, New York City, June 2013
Just Released: The Geography of Student Debt
May 2013
Young Student Loan Borrowers Retreat from Housing and Auto Markets
April 2013
Just Released: Press Briefing on Household Debt and Credit
February 2013
Household Debt and Credit: Student Debt
Donghoon Lee, SENIOR ECONOMIST
NEW YORK FED, February 2013
The Economy and the Household Debt and Credit Report.
James McAndrews, Executive Vice President and Director of Research
New York Fed, New York City, February 2013
How Severe Was the Credit Cycle in the New York-Northern New Jersey Region?
January 2013
Just Released: Has Household Deleveraging Continued?
August 2012
Grading Student Loans
March 2012
Flip This House: Investor Speculation and the Housing Bubble
December 2011
Just Released: July’s Empire State Manufacturing Survey Shows Ongoing Weakness in New York Manufacturing
July 2011
Have Consumers Been Deleveraging?
March 2011
Publications
BY CMD RESEARCHERS
Personal Bankruptcy Protection and Household Debt
Felipe Severino, Meta Brown, and Rajashri Chakrabarti
Federal Reserve Bank of New York Staff Reports, April 2024, Revised December 2024
Archive
2024
Nonconforming Preferences: Jumbo Mortgage Lending and Large Bank Stress Tests
Andrew F. Haughwout, Donald P. Morgan, Michael Neubauer, Maxim L. Pinkovskiy, and Wilbert van der Klaauw
Journal of Money, Credit and Banking (online), September 2024
Household Debt Trends Among NYC Residents
Jason Bram and Joelle W. Scally
Office of the New York City Comptroller, August 2024
Consumer Credit Reporting Data
Christa Gibbs, Benedict Guttman-Kenney, Donghoon Lee, Scott Nelson, Wilbert van der Klaauw, and Jialan Wang
Federal Reserve Bank of New York Staff Reports, August 2024
The Financial Consequences of Undiagnosed Memory Disorders
Carole Roan Gresenz, Jean M. Mitchell, Belicia Rodriguez, R. Scott Turner, and Wilbert van der Klaauw
Federal Reserve Bank of New York Staff Reports, May 2024
2023
The Great Equalizer: Medicare and the Geography of Consumer Financial Strain
Paul Goldsmith-Pinkham, Maxim L. Pinkovskiy, and Jacob Wallace
Federal Reserve Bank of New York Staff Reports, January 2020, Revised September 2023
Assessing the Relative Progressivity of the Biden Administration’s Federal Student Loan Forgiveness Proposal
Jacob Goss, Daniel Mangrum, and Joelle W. Scally
Federal Reserve Bank of New York Staff Reports, January 2023, Revised June 2023
2022
Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance
You Suk Kim, Donghoon Lee, Tess Scharlemann, and James Vickery
Federal Reserve Bank of New York Staff Reports, October 2022
The State of Low Income America: Credit Access and Debt Payment (2022)
March 2022
More
The State of Low Income America: Credit Access and Debt Payment (2020)
November 2020
A Review of New Technologies and Data Sources for Measuring Household Finances
Annette Jäckle, Alessandra Gaia, Carli Lessof, and Mick P. Couper
University of Essex—Institute for Social and Economic Research, Working Paper, May 2019
Trends in Household Debt and Credit
Andrew F. Haughwout, Donghoon Lee, Joelle W. Scally, Lauren Thomas, and Wilbert van der Klaauw
Federal Reserve Bank of New York Staff Reports, April 2019
Levered Employees
Roberto Pinto
Lancaster University Management School, Working Paper, March 2019
Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession
Adrien Auclert, Will S. Dobbie, and Paul Goldsmith-Pinkham
National Bureau of Economic Research, Working Paper, March 2019
Long-Term Outcomes of FHA First-Time Homebuyers
Donghoon Lee and Joseph Tracy
Federal Reserve Bank of New York Economic Policy Review, December 2018
One Size Fits All? Monetary Policy and Asymmetric Household Debt Cycles in U.S. States
Bruno Albuquerque
Journal of Money, Credit, and Banking, August 2018
Internal Migration in the United States: A Comparative Assessment of the Utility of the Consumer Credit Panel
Jack DeWaard, Janna E. Johnson, and Stephan D. Whitaker
Federal Reserve Bank of Cleveland, Working Paper, March 2018
First-Time Homebuyers: Toward a New Measure
Arthur Acolin, Paul Calem, Julapa Jagtiani, and Susan Wachter
Cityscape, U.S. Department of Housing and Urban Development, January 2018
Import Competition and Household Debt
Jean-Noël Barrot, Erik Loualiche, Matthew C. Plosser, and Julien Sauvagnat
Federal Reserve Bank of New York Staff Reports, August 2017
Echoes of Rising Tuition in Students’ Borrowing, Educational Attainment, and Homeownership in Post-Recession America
Zachary Bleemer, Meta Brown, Donghoon Lee, Katherine Strair, and Wilbert van der Klaauw
Federal Reserve Bank of New York Staff Reports, July 2017
Response of Consumer Debt to Income Shocks: The Case of Energy Booms and Busts
Jason P. Brown
Federal Reserve Bank of Kansas City, Working Paper, May 2017
Targeted Business Incentives and the Debt Behavior of Households
Wenhua Di and Daniel L. Millimet
Empirical Economics, May 2017
Access to Credit and Financial Health: Evaluating the Impact of Debt Collection
Julia Fonseca, Katherine Strair, and Basit Zafar
Federal Reserve Bank of New York Staff Reports, May 2017
What Is the Microelasticity of Mortgage Demand to Interest Rates?
Stephanie H. Lo
Harvard Joint Center for Housing Studies, Working Paper, March 2017
Private Debt and Public Debility
Daniel Alpert and Robert Hockett
Challenge, February 2017
Using Credit Reporting Agency Data to Assess the Link between the Community Reinvestment Act and Consumer Credit Outcomes
Kristin F. Butcher and Ana Patricia Muñoz
Cityscape, U.S. Department of Housing and Urban Development, February 2017
Disaster (Over-)Insurance: The Long-Term Financial and Socioeconomic Consequences of Hurricane Katrina
Zachary Bleemer and Wilbert van der Klaauw
Federal Reserve Bank of New York Staff Reports, February 2017
The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules
Steven Laufer and Andrew Paciorek
FEDERAL RESERVE BOARD, WORKING PAPER, December 2016
Tracking and Stress-Testing U.S. Household Leverage
Andreas Fuster, Benedict Guttman-Kenney, and Andrew F. Haughwout, FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS
November 2016
Bad Credit, No Problem? Credit and Labor Market Consequences of Bad Credit Reports
WILL DOBBIE, PAUL GOLDSMITH-PINKHAM, NEALE MAHONEY, AND JAE SONG, FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS
October 2016
Student Loan Issues
Sumit Agarwal, Luojia Hu, and Xing Huang
Review of Finance, October 2016
The CARD Act and Young Borrowers: The Effects and the Affected
PETER DEBBAUT, ANDRA GHENT, AND MARIANNA KUDLYAK
JOURNAL OF MONEY, CREDIT, AND BANKING, October 2016
Identity Theft as a Teachable Moment
Nathan Blascak, Julia S. Cheney, Robert M. Hunt, Vyacheslav Mikhed, Dubravka Ritter, and Michael Vogan
Federal Reserve Bank of Philadelphia, Working Paper, October 2016
Student-Loan Debt, Delinquency, and Default: A New England Perspective
ROBERT CLIFFORD
FEDERAL RESERVE BANK OF BOSTON, NEW ENGLAND PUBLIC POLICY CENTER RESEARCH REPORT, September 2016
The Consequences of Gentrification: A Focus on Residents’ Financial Health in Philadelphia
LEI DING AND JACKELYN HWANG
FEDERAL RESERVE BANK OF PHILADELPHIA WORKING PAPER, July 2016
No More Credit Score: Employer Credit Check Bans and Signal Substitution
ROBERT CLIFFORD AND DANIEL SHOAG
CATO INSTITUTE, RESEARCH BRIEFS IN ECONOMIC POLICY, June 2016
Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays
SEWIN CHAN, ANDREW HAUGHWOUT, ANDREW HAYASHI AND WILBERT VAN DER KLAAUW
JOURNAL OF MONEY, CREDIT, AND BANKING, March 2016
Where Are All the New Banks? The Role of Regulatory Burden in New Bank Formation
ROBERT M. ADAMS AND JACOB GRAMLICH
REVIEW OF INDUSTRIAL ORGANIZATION, March 2016
Financial Education and the Debt Behavior of the Young
META BROWN, JOHN GRIGSBY, WILBERT VAN DER KLAAUW, JAYA WEN, AND BASIT ZAFAR
REVIEW OF FINANCIAL STUDIES, February 2016
Student Debt and Initial Labor Market Decisions: Search, Wages and Job Satisfaction
MI LUO AND SIMON MONGEY
NEW YORK UNIVERSITY, WORKING PAPER, February 2016
Moving to a New Job: The Role of Home Equity, Debt, and Access to Credit
YULIYA DEMYANYK, DMYTRO HRYSHKO, MARÍA JOSÉ LUENGO-PRADO, AND BENT E. SØRENSEN
FEDERAL RESERVE BANK OF BOSTON, WORKING PAPER, January 2016
Targeted Business Incentives and the Debt Behavior of Households
WENHUA DI AND DANIEL MILLIMET
FEDERAL RESERVE BANK OF DALLAS WORKING PAPER, January 2016
Rushing into the American Dream? House Prices Growth and the Timing of Homeownership
SUMIT AGARWAL, LUOJIA HU, AND XING HUANG
REVIEW OF FINANCE, December 2015
Household Finance after a Natural Disaster: The Case of Hurricane Katrina
DANIEL HARTLEY AND JUSTIN GALLAGHER
FEDERAL RESERVE BANK OF CLEVELAND WORKING PAPER, December 2015
Credit Growth and the Financial Crisis: A New Narrative
STEFANIA ALBANESI
2016 MEETING PAPERS, SOCIETY FOR ECONOMIC DYNAMICS, December 2015
Bankruptcy: Is It Enough to Forgive or Must We Also Forget?
RONEL ELUL AND PIERO GOTTARDI
AMERICAN ECONOMIC JOURNAL: MICROECONOMICS, November 2015
Intergenerational Linkages in Household Credit
ANDRA C. GHENT AND MARIANNA KUDLYAK
FEDERAL RESERVE BANK OF RICHMOND, WORKING PAPER, November 2015
Neighborhood Racial Characteristics, Credit History, and Bankcard Credit in Indian Country
VALENTINA P. DIMITROVA-GRAJZL, PETER GRAJZL, JOSEPH A. GUSE, RICHARD M. TODD, AND MICHAEL WILLIAMS
CESIFO WORKING PAPER, November 2015
Do We Know What We Owe? Consumer Debt as Reported by Borrowers and Lenders
Meta Brown, Andrew Haughwout, Donghoon Lee, and Wilbert van der Klaauw
FEDERAL RESERVE BANK OF NEW YORK ECONOMIC POLICY REVIEW, October 2015
Student Debt Growth and the Repayment Progress of Recent Cohorts
META BROWN, ANDREW HAUGHWOUT, DONGHOON LEE, JOELLE SCALLY, AND WILBERT VAN DER KLAAUW
THE AMERICAN BANKRUPTCY INSTITUTE LAW REVIEW, October 2015
Do Student Loan Borrowers Opportunistically Default? Evidence from Bankruptcy Reform
RAJEEV DAROLIA AND DUBRAVKA RITTER
FEDERAL RESERVE BANK OF PHILADELPHIA WORKING PAPERS, September 2015
Consumer Credit on American Indian Reservations
VALENTINA DIMITROVA-GRAJZL, PETER GRAJZL, A. JOSEPH GUSE, AND RICHARD M. TODD
ECONOMIC SYSTEMS, September 2015
Financial Education and the Debt Behavior of the Young
META BROWN, JOHN GRIGSBY, WILBERT VAN DER KLAAUW, JAYA WEN, AND BASIT ZAFAR
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, September 2015
Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings
SONG HAN, BENJAMIN J. KEYS, AND GENG LI
FEDERAL RESERVE BOARD OF GOVERNORS, WORKING PAPER, September 2015
Credit Scores and Committed Relationships
JANE DOKKO, GENG LI, AND JESSICA HAYES
FEDERAL RESERVE BOARD OF GOVERNORS, WORKING PAPER, August 2015
The Post-1980 Debt Disinflation: An Exercise in Historical Accounting
J. W. MASON AND ARJUN JAYADEV
REVIEW OF KEYNESIAN ECONOMICS, July 2015
Mapping Heat in the U.S. Financial System
DAVID AIKMAN, MICHAEL KILEY, SEUNG JUNG LEE, MICHAEL PALUMBO, AND MISSAKA WARUSAWITHARANA
FEDERAL RESERVE BOARD OF GOVERNORS, FINANCE AND ECONOMICS DISCUSSION SERIES, June 2015
Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances
LISA J. DETTLING, SEBASTIAN J. DEVLIN-FOLTZ, JACOB KRIMMEL, SARAH J. PACK, AND JEFFREY P. THOMPSON
FEDERAL RESERVE BOARD OF GOVERNORS, WORKING PAPER, June 2015
Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays
SEWIN CHAN, ANDREW HAUGHWOUT, ANDREW HAYASHI, AND WILBERT VAN DER KLAAUW
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, June 2015
Essays in Empirical Macroeconomics
JOHN ALEXANDER AND NELSON MONDRAGON
UNIVERSITY OF CALIFORNIA, BERKELEY, ELECTRONIC THESIS AND DISSERTATIONS, May 2015
Securitization and Mortgage Default
RONEL ELUL
JOURNAL OF FINANCIAL SERVICES RESEARCH, May 2015
Payday Loan Choices and Consequences
NEIL BHUTTA, PAIGE SKIBA, AND JEREMY TOBACMAN
JOURNAL OF MONEY, CREDIT, AND BANKING, March 2015
House Price Booms, Current Account Deficits, and Low Interest Rates
ANDREA FERRERO
JOURNAL OF MONEY, CREDIT, AND BANKING, March 2015
Insolvency after the 2005 Bankruptcy Reform
STEFANIA ALBANESI AND JAROMIR NOSAL
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, March 2015
High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses
SHAWN COLE, ANNA PAULSON, AND GAURI KARTINI SHASTRY
JOURNAL OF HUMAN RESOURCES, February 2015
The Ins and Outs of Mortgage Debt During the Housing Boom and Bust
NEIL BHUTTA
JOURNAL OF MONETARY ECONOMICS, February 2015
A Tale of Two Vintages: Credit Limit Management Before and after the CARD Act and Great Recession
LARRY SANTUCCI
FEDERAL RESERVE BANK OF PHILADELPHIA, DISCUSSION PAPER, February 2015
Dynamic Pricing of Credit Cards and the Effects of Regulation
SUTING HONG, ROBERT M. HUNT, AND KONSTANTINOS SERFES
FEDERAL RESERVE BANK OF PHILADELPHIA, WORKING PAPER, December 2014
Big Data versus a Survey
STEPHAN WHITAKER
FEDERAL RESERVE BANK OF CLEVELAND WORKING PAPER, December 2014
Consumer Borrowing after Payday Loan Bans
NEIL BHUTTA, JACOB GOLDIN, AND TATIANA HOMONOFF
FEDERAL RESERVE BOARD, STANFORD LAW SCHOOL, AND CORNELL UNIVERSITY, UNPUBLISHED PAPER, November 2014
Debt, Jobs, or Housing: What's Keeping Millennials at Home?
ZACHARY BLEEMER, META BROWN, DONGHOON LEE, AND WILBERT VAN DER KLAAUW
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, November 2014, Revised July 2015
Payday Loans and Consumer Financial Health
NEIL BHUTTA
JOURNAL OF BANKING AND FINANCE, ELSEVIER, October 2014
Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
PHILIPPE MARTIN AND THOMAS PHILIPPON
NATIONAL BUREAU OF ECONOMIC RESEARCH, October 2014
Returning to the Nest: Debt and Parental Co-residence among Young Adults
LISA J. DETTLING AND JOANNE W. HSU
FEDERAL RESERVE BOARD OF GOVERNORS, WORKING PAPERS, September 2014
Consumer Use of Fraud Alerts and Credit Freezes: an Empirical Analysis
JULIA S. CHENEY, ROBERT M. HUNT, VYACHESLAV MIKHED, DUBRAVKA RITTER, AND MICHAEL VOGAN
FEDERAL RESERVE BANK OF PHILADELPHIA, DISCUSSION PAPER, September 2014
“Fisher Dynamics” in U.S. Household Debt, 1929–2011
JOSHUA W. MASON AND ARJUN JAYADEV
AMERICAN ECONOMIC JOURNAL: MACROECONOMICS, July 2014
Interest Rates and Equity Extraction During the Housing Boom
NEIL BHUTTA AND BENJAMIN KEYS
UNIVERSITY OF CHICAGO, April 2014
Credit Card Act of 2009: What Did Banks Do?
VIKRAM JAMBULAPATI AND JOANNA STAVINS
JOURNAL OF BANKING AND FINANCE, ELSEVIER, April 2014
Subprime Cohorts and Loan Performance
GEETESH BHARDWAJA AND RAJDEEP SENGUPTA
JOURNAL OF BANKING AND FINANCE, ELSEVIER, April 2014
Measuring Student Debt and Its Performance
DONGHOON LEE, WILBERT VAN DER KLAAUW, ANDREW HAUGHWOUT, META BROWN, AND JOELLE SCALLY
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, April 2014
Foreclosure Delay and Consumer Credit Performance
PAUL CALEM, JULAPA JAGTIANI, AND WILLIAM LANG
FEDERAL RESEREVE BANK OF PHILADELPHIA, WORKING PAPER, March 2014
Bankruptcy, Delinquency, and Debt after the 2005 Bankruptcy Law
JAROMIR NOSAL AND STEFANIA ALBANESI
SOCIETY FOR ECONOMIC DYNAMICS, MEETING PAPER, February 2014
Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data
OLIVIER COIBION, YURIY GORODNICHENKO, MARIANNA KUDLYAK, AND JOHN MONDRAGON
NATIONAL BUREAU OF ECONOMIC RESEARCH, January 2014
State Mandated Financial Education and the Credit Behavior of Young Adults
ALEXANDRA BROWN, J. MICHAEL COLLINS, MAXIMILIAN D. SCHMEISER, AND CARLY URBAN
FEDERAL RESERVE BOARD OF GOVERNORS, FINANCE AND ECONOMICS DISCUSSION SERIES, January 2014
The Rising Gap between Primary and Secondary Mortgage Rates
ANDREAS FUSTER, LAURIE GOODMAN, DAVID LUCCA, LAUREL MADAR, LINSEY MOLLOY, AND PAUL WILLEN
FEDERAL RESERVE BANK OF NEW YORK ECONOMIC POLICY REVIEW, December 2013
Residential Migration, Entry, and Exit as Seen Through the Lens of Credit Bureau Data
KEITH WARDRIP AND ROBERT M. HUNT
FEDERAL RESERVE BANK OF PHILADELPHIA, DISCUSSION PAPER, December 2013
The Credit CARD Act of 2009: What Did Banks Do?
VIKRAM JAMBULAPATI AND JOANNA STAVINS
FEDERAL RESERVE BANK OF BOSTON, DISCUSSION PAPER, October 2013
Using Credit Reporting Agency Data to Assess the Link between the Community Reinvestment Act and Consumer Credit Outcomes
ANA PATRICIA MUÑOZ AND KRISTIN F. BUTCHER
FEDERAL RESERVE BANK OF BOSTON, DISCUSSION PAPER, September 2013
The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012
META BROWN, SARAH STEIN, AND BASIT ZAFAR
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, September 2013
Negative Equity and Housing Investment
ANDREW HAUGHWOUT, SARAH SUTHERLAND, AND JOSEPH TRACY
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, September 2013
Are Young Borrowers Bad Borrowers? Evidence from the Credit CARD Act of 2009
PETER DEBBAUT, ANDRA GHENT, AND MARIANNA KUDLYAK
FEDERAL RESERVE BANK OF RICHMOND, WORKING PAPER, September 2013
Endogenous Sources of Volatility in Housing Markets: The Joint Buyer-Seller Problem
ELLIOT ANENBERG AND PATRICK BAYER
NATIONAL BUREAU OF ECONOMIC RESEARCH, August 2013
The Impact of Student Loan Debt on Small Business Formation
BRENT W. AMBROSE, LAWRENCE R. CORDELL, AND SHUWEI MA
FEDERAL RESERVE BANK OF PHILADELPHIA, WORKING PAPER, July 2013
The Postforeclosure Experience of U.S. Households
RAVEN MOLLOY AND HUI SHAN
REAL ESTATE ECONOMICS, AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION, June 2013
Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages
PHILIP BOND, RONEL ELUL, SHARON GARYN-TAL, AND DAVID MUSTO
FEDERAL RESERVE BANK OF PHILADELPHIA, WORKING PAPER, June 2013
Analysis of Wealth Using Micro and Macro Data: A Comparison of the Survey of Consumer Finances and Flow of Funds Accounts
ALICE M. HENRIQUES AND JOANNE W. HSU
FEDERAL RESERVE BOARD OF GOVERNORS, May 2013
Liquidity Contractions, Incomplete Financial Participation and the Prevalence of Negative Equity Non-Recourse Loans
MIGUEL IRAOLA AND JUAN PABLO TORRES-MARTINEZ
UNIVERSITY OF MIAMI, May 2013
The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit
Meta Brown, Andrew F. Haughwout, Donghoon Lee, and Wilbert van der Klaauw
FEDERAL RESERVE BANK OF NEW YORK CURRENT ISSUES IN ECONOMICS AND FINANCE, April 2013
Student Loans: Overview and Issues
KELLY EDMISTON, LARA BROOKS, AND STEVEN SHEPELWICH
FEDERAL RESERVE BANK OF KANSAS CITY, WORKING PAPER, April 2013
A Boost in the Paycheck: Survey Evidence on Workers’ Response to the 2011 Payroll Tax Cuts
GRANT GRAZIANI, WILBERT VAN DER KLAAUW, AND BASIT ZAFAR
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, January 2013
High School and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses
SHAWN COLE, ANNA PAULSON, AND GAURI KARTINI SHASTRY
HARVARD BUSINESS SCHOOL, WORKING PAPER, January 2013
Mortgage Companies and Regulatory Arbitrage
YULIYA DEMYANYK AND ELENA LOUTSKINA
FEDERAL RESERVE BANK OF CLEVELAND, WORKING PAPER, December 2012
How Severe was the Credit Cycle in the New York-Northern New Jersey Region?
JAISON R. ABEL AND RICHARD DEITZ
FEDERAL RESERVE BANK OF NEW YORK CURRENT ISSUES IN ECONOMICS AND FINANCE, November 2012
Payment Size, Negative Equity, and Mortgage Default
Andreas Fuster and Paul Willen
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, November 2012
Cheap Credit, Collateral and the Boom-Bust Cycle
AMIR KERMANI
UNIVERSITY OF CALIFORNIA, BERKELEY, WORKING PAPER, November 2012
Informal Unemployment Insurance and Labor Market Dynamics
KYLE F. HERKENHOFF
FEDERAL RESERVE BANK OF ST. LOUIS, WORKING PAPER, October 2012
Credit Access Following a Mortgage Default
WILLIAM HEDBERG AND JOHN KRAINER
FEDERAL RESERVE BANK OF SAN FRANCISCO, ECONOMIC LETTER, October 2012
Consumer Debt and the Economic Recovery
JOHN KRAINER
FEDERAL RESERVE BANK OF SAN FRANCISCO, ECONOMIC LETTER, August 2012
A New Look at Second Liens
DONGHOON LEE, CHRISTOPHER J. MAYER, AND JOSEPH TRACY
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, August 2012
Payday Loans and Consumer Financial Health
NEIL BHUTTA
JOURNAL OF BANKING AND FINANCE, June 2012
Payment Changes and Default Risk: The Impact of Refinancing on Expected Credit Losses
Joseph Tracy and Joshua Wright
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, June 2012
Mortgage Debt and Household Deleveraging: Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
NEIL BHUTTA
FEDERAL RESERVE BOARD OF GOVERNORS, WORKING PAPER, March 2012
The Supply Side of the Housing Boom and Bust of the 2000s
ANDREW HAUGHWOUT, RICHARD W. PEACH, JOHN SPORN, AND JOSEPH TRACY
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, March 2012
Does Bankruptcy Reduce Foreclosure?
WENLI LI AND MICHELLE J. WHITE
FEDERAL RESERVE BANK OF PHILADELPIA, WORKING PAPER, December 2011
Credit Scoring and Loan Default
GEETESH BHARDWA AND RAJDEEP SENGUPTA
FEDERAL RESERVE BANK OF ST. LOUIS, WORKING PAPER, October 2011
Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt
Meta Brown, Andrew F. Haughwout, Donghoon Lee, and Wilbert van der Klaauw
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, October 2011
Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis
ANDREW F. HAUGHWOUT, DONGHOON LEE, JOSEPH TRACY, AND WILBERT VAN DER KLAAUW
FEDERAL RESERVE BANK OF NEW YORK, September 2011
Meeting the Demand for Debt Relief
STEPHANIE WILSHUSEN
FEDERAL RESERVE BANK OF PHILADELPHIA, September 2011
The Post-Foreclosure Experience of U.S. Households in the Current Housing Market Downturn
RAVEN MOLLOY AND HUI SHAN
FEDERAL RESERVE BOARD OF GOVERNORS, May 2011
Smart Money: The Effect of Education on Financial Behavior
SHAWN COLE, ANNA PAULSON, AND GAURI KARTINI SHASTRY
THE REVIEW OF FINANCIAL STUDIES, April 2011
Residential Mortgage Default and Consumer Bankruptcy: Theory and Empirical Evidence
MICHELLE WHITE AND WENLI LI
SOCIETY FOR ECONOMIC DYNAMICS MEETING PAPERS, February 2011
Household Debt and Saving during the 2007 Recession
RAJASHRI CHAKRABARTI, DONGHOON LEE, WILBERT VAN DER KLAAUW, AND BASIT ZAFAR
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, January 2011
Strategic Default on First and Second Lien Mortgages during the Financial Crisis
JULAPA JAGTIANI AND WILLIAM LANG
FEDERAL RESERVE BANK OF PHILADELPHIA, WORKING PAPER, December 2010
An Introduction to the FRBNY Consumer Credit Panel
Donghoon Lee and Wilbert van der Klaauw
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, November 2010
Foreclosure's Wake: The Credit Experience of Individuals Following Foreclosure
KENNETH P. BREVOORT AND CHERYL R. COOPER
FEDERAL RESERVE BOARD OF GOVERNORS, November 2010
Second Chances: Subprime Mortgage Modification and Re-Default
ANDREW HAUGHWOUT, EBIERE OKAH, AND JOSEPH TRACY
FEDERAL RESERVE BANK OF NEW YORK STAFF REPORTS, August 2010
Housing Busts and Household Mobility
FERNANDO FERREIRA, JOSEPH GYOURKO, AND JOSEPH TRACY
JOURNAL OF URBAN ECONOMICS, July 2010
The Homeownership Gap
ANDREW HAUGHWOUT, RICHARD PEACH, AND JOSEPH TRACY
FEDERAL RESERVE BANK OF NEW YORK CURRENT ISSUES IN ECONOMICS AND FINANCE, May 2010
CONTACT CMD
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