The FRBNY Consumer Credit Panel consists of detailed Equifax credit-report data for a unique longitudinal quarterly panel of individuals and households from 1999 to 2012. The panel is a nationally representative sample of all individuals with a social security number and an Equifax credit report. The analysis represents a 5% random sample of these individuals as of March 2013. For more information on the FRBNY/Equifax Consumer Credit Panel, see link. Population data are from the U.S. Census Bureau’s American Community Survey, 2011 one year estimates.
The median balance is calculated for borrowers with balances greater than $0 (About 12 percent of credit card borrowers in NY, NJ, and CT had a zero credit card balance as of March 2013). The median credit utilization rate is calculated for borrowers with a balance greater than $0 and a credit utilization rate of less than 100 percent (calculated as the borrower’s total balance divided by total limit, for all credit cards held by the borrower). Because borrower balance and borrower utilization rate have two distinct distributions, median balance and median credit utilization cannot be interpreted jointly. Credit score is the Equifax Risk Score 3.0.