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Consumer Credit Conditions, June 2014

The Consumer Credit Conditions update for the Eleventh Federal Reserve District presents maps and charts of consumer loan balances and delinquencies in the district by county, state, loan type and risk score. The data are based on the Federal Reserve Bank of New York Consumer Credit Panel/Equifax. While the Eleventh District includes Texas, northern Louisiana and southern New Mexico, data for all of Louisiana and New Mexico are provided in parts of the update.

Overview

Aggregate consumer debt climbed 7.6 percent, or $52.9 billion, from June 2013 to June 2014. This was due to a 5.9 percent increase in the number of consumers with a credit report but also to growth in loan activity. Rapid increases in auto and student loan balances (13.5 and 12.8 percent, respectively) continued from a year ago. Mortgage and retail trade debts picked up (6.8 and 6 percent, respectively), while bankcard loans increased modestly (1.8 percent) and home equity installment loans declined (10.8 percent).

Because consumer debt in Texas accounts for over 95 percent of total debt in the district, trends in the state were largely consistent with those of the district. Northern Louisiana saw an increase in home equity lines of credit (6.3 percent), in contrast with the rest of the district, and it also had a small drop in bankcard loans (0.4 percent). Southern New Mexico had a smaller increase in mortgages (4.6 percent) and a larger decrease in home equity installment loans (16.4 percent) than elsewhere in the district.

The share of mortgages in per capita debt went down 0.5 percentage points in the district, while the share of auto and student loans climbed (0.8 and 0.5 percentage points, respectively). For an average consumer with a credit report, the share of mortgage loans in total debt continued to drop, from 60.3 percent in June 2013 to 59.8 percent in June 2014. However, the share of auto loans rose from 14 to 14.8 percent, and the share of student loans increased from 10.6 to 11.1 percent.

Trending with the nation, overall consumer loan performance in the district improved from a year before. Bankcard delinquencies further declined, from 11.6 percent in June 2013 to 9.4 percent in June 2014, and serious delinquencies dropped from 10.5 to 8.4 percent.

Mortgage delinquencies went down 0.7 percentage points, from 4.9 percent in June 2013 to 4.2 percent in June 2014, and serious delinquencies dropped from 2.4 to 1.9 percent. Auto loan delinquencies and serious delinquencies remained about the same. As national student loan performance stabilized, overall district student loan delinquencies and serious delinquencies both improved 0.3 percentage points from June 2013. Southern New Mexico saw student loan serious delinquencies increase 1 percentage point.

Past Reports

 

Charts of Consumer Credit Conditions in the Eleventh Federal Reserve District

 

Consumer Loan Balances in Eleventh District and U.S., June 2014 and 2013

PDFPDF Version

2014
All Consumer Loans
2013
All Consumer Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
21,881

  Louisiana
20,589
 
New Mexico
14,489

  New Mexico
13,728
 
Texas
710,008

  Texas
659,198
 
11th District
746,378

  11th District
693,515
 
U.S.
11,476,556

  U.S.
11,010,265
 
2014
Auto Loans
2013
Auto Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
3,535

  Louisiana
3,184
 
New Mexico
2,372

  New Mexico
2,087
 
Texas
104,345

  Texas
91,824
 
11th District
110,252

  11th District
97,096
 
U.S.
896,551

  U.S.
807,606
 
2014
Bankcard Loans
2013
Bankcard Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
1,365

  Louisiana
1,371
 
New Mexico
1,018

  New Mexico
1,004
 
Texas
49,973

  Texas
49,050
 
11th District
52,355

  11th District
51,425
 
U.S.
666,267

  U.S.
663,676
 
2014
Consumer Finance Loans
2013
Consumer Finance Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
403

  Louisiana
372
 
New Mexico
219

  New Mexico
200
 
Texas
8,084

  Texas
7,326
 
11th District
8,707

  11th District
7,898
 
U.S.
72,413

  U.S.
66,924
 
2014
First Mortgage Loans
2013
First Mortgage Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
11,433

  Louisiana
10,815
 
New Mexico
8,079

  New Mexico
7,726
 
Texas
426,810

  Texas
399,363
 
11th District
446,321

  11th District
417,903
 
U.S.
7,839,836

  U.S.
7,553,092
 
2014
Home Equity Loans
2013
Home Equity Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
281

  Louisiana
302
 
New Mexico
231

  New Mexico
276
 
Texas
12,632

  Texas
14,156
 
11th District
13,145

  11th District
14,735
 
U.S.
139,894

  U.S.
168,758
 
2014
Home Equity Line of Credit Loans
2013
Home Equity Line of Credit Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
486

  Louisiana
457
 
New Mexico
174

  New Mexico
180
 
Texas
7,116

  Texas
7,228
 
11th District
7,827

  11th District
7,866
 
U.S.
510,850

  U.S.
538,824
 
2014
Retail Loans
2013
Retail Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
212

  Louisiana
210
 
New Mexico
137

  New Mexico
129
 
Texas
6,489

  Texas
6,115
 
11th District
6,839

  11th District
6,454
 
U.S.
68,490

  U.S.
65,641
 
2014
Student Loans
2013
Student Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
3,094

  Louisiana
2,788
 
New Mexico
1,691

  New Mexico
1,540
 
Texas
77,914

  Texas
68,963
 
11th District
82,699

  11th District
73,292
 
U.S.
1,116,418

  U.S.
990,499
 
2014
Other Loans
2013
Other Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
1,071

  Louisiana
1,088
 
New Mexico
569

  New Mexico
587
 
Texas
16,594

  Texas
15,169
 
11th District
18,234

  11th District
16,844
 
U.S.
165,847

  U.S.
155,244
 

NOTE: Loan balances for Louisiana and New Mexico include only the portions of those states that fall within the Eleventh District of the Federal Reserve.
SOURCE: Federal Reserve Bank of New York Consumer Credit Panel/Equifax.

 

Glossary

  • Delinquency status
    • Current—Paid as agreed
    • 30 days late—Between 30 and 59 days late; not more than 2 payments past due
    • 60 days late—Between 60 and 89 days late; not more than 3 payments past due
    • 90 days late—Between 90 and 119 days late; not more than 4 payments past due
    • 120 days late—At least 120 days past due; 5 or more payments past due or collections
    • Severely derogatory—Any of the previous states, combined with reports of repossession, charge off to bad debt or foreclosure

    Not all creditors provide updated information on payment status, especially after accounts have been derogatory for a longer period of time. Thus, the payment performance profiles obtained from our data may to some extent reflect the reporting practices of creditors.

  • Seriously delinquent loans
    Loans that are 90 days late, 120 days late or severely derogatory.

  • Equifax Risk Score
    Equifax Risk Score 3.0 was developed by credit scoring agency Equifax and predicts the likelihood of a consumer becoming seriously delinquent (90+ days past due). The score ranges from 300 to 850 (the lower the score, the greater the delinquency risk). In the charts, Equifax Risk Scores fall into the following categories: Prime, 680 and above; near prime, 620–679; subprime, 619 and below.

  • Loan types
    The types of accounts in our analysis include mortgage loans, home equity installment loans (HEL), home equity line of credit accounts (HELOC), auto loans, bankcard accounts, student loans (currently not included in the Eleventh District update), consumer finance loans (sales financing, personal) and retail loans (clothing, grocery, department store, home furnishings, gas, etc.)

  • Data dictionaryoff-site

About the Data

The Federal Reserve Bank of New York Consumer Credit Panel/Equifax consists of detailed Equifax credit-report data in quarterly increments from 1999 to the present for a unique longitudinal panel of individuals and households. The panel is a nationally representative 5 percent random sample of all individuals with a Social Security number and a credit report; it is also matched to individuals living at the same address as the primary sample members. The resulting database includes approximately 40 million individuals in each quarter. More technical background about the data is available at www.newyorkfed.org/creditconditions/technical_notes.pdfOff-site PDF.

For conditions nationally, visit the New York Fed's Household Credit webpageoff-site. The Bank's Quarterly Report on Household Debt and Credit provides data and reports on consumer debt for the U.S. and select states (including Texas). The data include bankruptcies, per capita debt levels, total debt levels and composition of debt, new originations of installment loans, total balance by delinquency status, foreclosures and new delinquencies by loan type. The report aims to help community groups, small businesses, state and local government agencies and the public to better understand, monitor and respond to trends in borrowing and indebtedness at the household level.

In the Consumer Credit Conditions update, charged-off and foreclosed loans are still accounted for in totals in the Equifax data until they are no longer reported by the lender.

 

 

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