The Federal Reserve Bank of New York’s latest regional look at debt in third-party collections, consumers’ delinquency rates and credit card and student loan debt focused on three Eastern states.

The report revealed that the rate of overall consumer distress - meaning loan payments 90 or more days late or debt in third-party collections in the last 12 months - is lower in New York, New Jersey and Connecticut compared to overall U.S. figures.

Connecticut has the highest average balances on mortgages and student loans and the lowest levels of delinquency, according to the Fed.

The average student loan balances for the three states range from $31,000 to more than $32,000, compared to $29,000 nationwide. The average credit card balances range from $5,800 to $6,200, compared to $6,200 nationwide.

An estimated 16% of consumers in New Jersey have some debt listed as seriously delinquent or in third-party collections compared to 20% in the U.S. New York and Connecticut (both at 14.8%) have even lower consumer distress rates.

The Fed’s Regional Household Debt and Credit Snapshot, released Wednesday, is the second in a series of regional reports on debt and credit. The report is designed to include data about mortgages, student loans, credit cards, auto loans and delinquencies for New York City and its boroughs, as well as various metro areas in New York State, northern New Jersey and western Connecticut. 

The April snapshot was comprised of 27 reports, and the reports in the most recent snapshot are current as of June.

A breakdown of delinquency rates for the three states includes:

New Jersey

  • 13.6% of borrowers are seriously delinquent on their student loans, compared to 16.3% nationwide.
  • 8.3% of borrowers are seriously delinquent on their credit cards, compared to 8.5% nationwide.

Connecticut

  • 13.1% of borrowers are seriously delinquent on their student loans, compared to 16.3% nationwide.
  • 7.7% of borrowers are seriously delinquent on their credit cards, compared to 8.5% nationwide.

New York

  • 12.6% of borrowers are seriously delinquent on their student loans, compared to 16.3% nationwide.
  • 8.2% of borrowers are seriously delinquent on their credit cards, compared to 8.5% nationwide.

 

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