On Thursday, the Federal Reserve Bank of New York released its report “The State of Low-Income America: Access to Credit and Housing,” a report.
- This examines debt holdings across income groups
Key takeaways:
- “Low- and middle-income debt holders face difficulties in today’s post-pandemic era.”
- “We see this in the rise in early delinquencies on auto and credit card debt. Most low-income homeowners did not refinance during the mortgage refinancing boom, missing out on the opportunity to lower their monthly mortgage payments.
- Average credit card balances are now higher for all groups than they were before the pandemic.
Williams of the Federal Reserve Bank
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