posted on 13 February 2016
4Q2015 Report on Household Debt and Credit: Home Equity Lines of Credit Continued Its Four Year Decline
from the New York Fed
Household debt increased moderately and repayment rates improved during the last three months of 2015, according to the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit. The $51 billion increase put total household indebtedness at $12.12 trillion as of the end of last year. Additionally, only 5.4 percent of outstanding debt was in some stage of delinquency, the lowest rate since the second quarter of 2007. The report is based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data.
Modest aggregate debt growth was partially attributable to flat mortgage balances. Balances on home equity lines of credit continued a decline that began more than four years ago, falling last quarter by $5 billion. In contrast, auto debt, which has steadily advanced every quarter since mid-2011, increased again by $19 billion.
*Change from Q3 2015 to Q4 2015
 Delinquency rates are computed as the proportion of the total debt balance that is at least 90 days past due.
About the report
The Federal Reserve Bank of New York's Household Debt and Credit Report provides unique data and insight into the credit conditions and activity of U.S. consumers. Based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, the report provides a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. The report aims to help community groups, small businesses, state and local governments and the public to better understand, monitor and respond to trends in borrowing and indebtedness at the household level. Sections of the report are presented as interactive graphs on the New York Fed's Household Credit web page and the full report is available for download.
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