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

<p>On Thursday the Federal Reserve Bank of New York released its “<a href="https://www.newyorkfed.org/newsevents/news/regional_outreach/2024/20240118" target="_blank" rel="nofollow">The State of Low-Income America: Credit Access &amp; Housing</a>,” report.</p><ul><li>this examines debt holdings across income groups</li></ul><p>A key takeaway:</p><ul><li> “Low- and moderate-income debt holders are struggling in today’s post-pandemic period,”</li><li>“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.”</li><li>Median credit card balances are now higher for all groups than they were before the pandemic.</li></ul><p>The signs are mounting of higher rates hitting households. Is March too soon for a rate cut though?</p>

This article was written by Eamonn Sheridan at www.forexlive.com.