- Total consumer debt swelled to $17.5 trillion in Q4, a $212 billion jump from the previous quarter.
- Delinquencies are rising among younger borrowers in particular, the New York Fed said.
- Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies.
Younger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report.
Data from the New York Fed showed a persistent surge in credit card and auto loan delinquencies as total consumer debt swelled to $17.5 trillion in the fourth quarter, increase of $212 billion from the previous three months.
Total credit card balances hit $1.13 trillion and auto loans outstanding increased to $1.61 trillion.