NY Fed report on rising early delinquencies in auto and credit card debt ...Middle East

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NY Fed report on rising early delinquencies in auto and credit card debt
On Thursday the Federal Reserve Bank of New York released its “The State of Low-Income America: Credit Access & Housing,” report.this examines debt holdings across income groupsA key takeaway: “Low- and moderate-income debt holders are struggling in today’s post-pandemic period,”“We see this in rising early delinquencies in auto and credit card debt. Most low-income homeowners did not refinance during the mortgage refinancing boom, missing an opportunity to lower monthly mortgage payments.”Median credit card balances are now higher for all groups than they were before the pandemic.The signs are mounting of higher rates hitting households. Is March too soon for a rate cut though?

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