According to the report, household debt reached a record high of $17.29 trillion in the third quarter of 2023. new york federal reserve.

Excluding housing debt, the total amount was $4.8 trillion, an increase of 6.4% from the same period last year. Delinquencies greater than 90 days have steadily increased since 2021, but remain low by historical standards.

Stacker analyzed data from think tanks urban research institute To find out where people are most likely to default on their debt payments. This data shows that, excluding mortgages, 26% of American adults have significantly delayed their debt payments as of February 2022. The median amount of debt collected totaled $1,739, with unpaid medical bills being the most common.

Urban Institute statistics also show that non-white households tend to have much higher default rates than white households, and that households in less affluent counties tend to have higher default rates than wealthier counties. It shows.

Based on think tank data, Stacker estimates that a household with an income of $150,000 living in a majority white county has about a 13% chance of being seriously delinquent on its debt payments. In contrast, a household with an income of $50,000 who lives in a majority nonwhite county is 47% more likely to have debt from collections.

academic research A National Bureau of Economic Research study published in 2019 used more detailed data and sophisticated statistical techniques and found that other factors, such as a borrower's credit history and total loan balances, also mattered significantly. .