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Per capita consumer debt dipped across the nation but showed either no change or modest growth in metro areas in the District.
How big of an effect does consumer debt have on families and the U.S. economy? Are there tipping points at which that debt changes from helpful to harmful? The Center for Household Financial Stability at the St. Louis Federal Reserve set out to answer these questions at a research roundtable in New York.
The Center for Household Financial Stability at the Federal Reserve Bank of St. Louis sought to answer this question in a newly released issue of In the Balance. The report focuses on the demographics — including age, race and education — of those who become delinquent on loans.
Loan delinquency rates differ sharply from one demographic group to the next. Read the working paper by Center Senior Economist William R. Emmons and Senior Analyst Lowell Ricketts, that outlines structural and systemic factors important to understanding this financial behavior.