2025美国纽约联储的报告-美联储-46正式版

CENTERFORMICROECONOMICDATAWWW.NEWYORKFED.ORG/MICROECONOMICSQUARTERLYREPORTONHOUSEHOLDDEBTANDCREDIT2

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25)FEDERALRESERVEBANKof

NEWYORKRESEARCHANDSTATISTICSGROUPANALYSISBASEDONNEWYORKFEDCONSUMERCREDITPANEL/EQUIFAXDATAHouseholdDebtandCreditDevelopmentsin2024Q41Aggregatenominalhouseholddebtbalancesincreasedby$93billioninthefourthquarterof2024,a0.5%risefrom2024Q3.Balancesnowstandat$18.04trillionandhaveincreasedby$3.9trillionsincetheendof2019,justbeforethepandemicrecession.BalancesMortgagebalancesshownonconsumercreditreportsgrewby$11billion2duringthefourthquarterof2024andtotaled$12.61trillionattheendofDecember.Balancesonhomeequitylinesofcredit(HELOC)roseby$9billion,theeleventhconsecutivequarterlyincreaseafter2022Q1,andthereisnow$396billioninaggregateoutstandingbalances,$79billionabovetheserieslowreachedinthefirstquarterof2022.Creditcardbalances,whichnowtotal$1.21trillionoutstanding,grewby$45billionduringthefourthquarterandare7.3%abovethelevelayearago.Autoloanbalancesroseby$11billion,andnowstandat$1.66trillion.Otherbalances,whichincluderetailcardsandotherconsumerloans,grewby$8billion.Studentloanbalancesgrewby$9billion,andnowstandat$1.62trillion.Intotal,non-housingbalancesgrewby$73billion,a1.5%risefrom2024Q3.OriginationsThevolumeofmortgageoriginations,measuredasappearancesofnewmortgagesonconsumercreditreportsandincludingbothrefinanceandpurchaseoriginations,increasedslightlywith$465billionnewlyoriginatedin2024Q4.Aggregatelimitsoncreditcardsincreasedmoderately,by$98billion(2.0%)inthefourthquarter.Homeequitylinesofcredit(HELOC)limitscontinuedtoriseandsawan$8billionincrease.Creditqualityofnewlyoriginatedloanswasmixed.Thecreditscoresofnewlyoriginatedautoloansandmortgagesweremostlysteady,althoughtherewassomedeteriorationinmortgages,asthetenthpercentilescoreofnewlyoriginatedmortgageloansdeclinedbysixpoints.Delinquency&PublicRecordsAggregatedelinquencyratesincreasedslightlyinthefourthquarterof2024.AsofDecember,3.6percentofoutstandingdebtwasinsomestageofdelinquency,upfrom3.5percentinthethirdquarter.Transitionintoearlydelinquencyheldsteadyfornearlyalldebttypes;theexceptionwasforcreditcardbalances,whichsawasmalluptickintherateatwhichbalanceswentfromcurrenttodelinquent.Transitionintoseriousdelinquency,definedas90ormoredayspastdue,edgedupforautoloans,creditcards,andHELOCbalancesbutremainedstableformortgages.About123,000consumershadabankruptcynotationaddedtotheircreditreportsin2024Q4,asmalldeclinefromthepreviousquarter.Thepercentageofconsumerswithathird-partycollectionaccountontheircreditreportremainedrelativelystableat4.6percent.HousingDebt••Therewas$465billioninnewlyoriginatedmortgagedebtin2024Q4.About41,000individualshadnewforeclosurenotationsontheircreditreports,essentiallyunchangedfromthepreviousquarterStudentLoans•Outstandingstudentloandebtincreasedslightlyandstoodat$1.62trillionin2024Q4.•Missedfederalstudentloanpaymentswerenotreportedtocreditbureausbetween2020Q2and2024Q3.Consequently,lessthan1%ofaggregatestudentdebtwasreported90+daysdelinquentorindefaultin2024Q4.Missedfederalstudentloanpaymentswilllikelybeginappearingonreportsbeginningin2025Q1.1ThisreportisbasedontheNewYorkFedConsumerCreditPanel,ananonymized,nationallyrepresentativesampledrawnfromEquifaxcreditreportdata.Formoredetails,seethedatadictionaryattheendofthisreport.ContactJoelleScallywithquestionsatjoelle.scally@.2Thelessthanusualincreaseinmortgagebalanceswasduetoahigherthanusualmortgageservicertransferswithagapinreporting.February

2025FEDERALRESERVEBANKOFNEWYORKRESEARCHANDSTATISTICS●

HOUSEHOLDANDPUBLICPOLICYTableofContentsNATIONALCHARTSTotalDebtBalanceanditsComposition3NumberofAccountsbyLoanType4TotalNumberofNewandClosedAccountsandInquiries5MortgageOriginationsbyCreditScore6CreditScoreatOrigination:Mortgages7AutoLoanOriginationsbyCreditScore8CreditScoreatOrigination:AutoLoans9CreditLimitandBalanceforCreditCardsandHERevolving10TotalBalancebyDelinquencyStatus11PercentofBalance90+DaysDelinquentbyLoanType12FlowintoEarlyDelinquency(30+)byLoanType13FlowintoSeriousDelinquency(90+)byLoanType14QuarterlyTransitionRatesforCurrentMortgageAccounts15QuarterlyTransitionRatesfor30-60DayLateMortgageAccounts16NumberofConsumerswithNewForeclosuresandBankruptcies17ThirdPartyCollections18SELECTCHARTSBYAGETotalDebtBalanceByAge20DebtSharebyProductTypeandAge(2024Q4)21AutoLoanOriginationsbyAge22MortgageOriginationsbyAge23QuarterlyTransitionintoSeriousDelinquency(90+)byAge24QuarterlyTransitionintoSeriousDelinquency(90+)forMortgagesbyAge25QuarterlyTransitionintoSeriousDelinquency(90+)forAutoLoansbyAge26QuarterlyTransitionintoSeriousDelinquency(90+)forCreditCardsbyAge27QuarterlyTransitionintoSeriousDelinquency(90+)forStudentLoansbyAge28NewForeclosuresbyAge29NewBankruptciesbyAge30CHARTSBYSELECTSTATETotalDebtBalancePerCapitabyState32CompositionofDebtBalanceperCapita*byState(2024Q4)33DelinquencyStatusofDebtBalanceperCapita*byState(2024Q4)34PercentofBalance90+DaysLatebyState35PercentofMortgageDebt90+DaysLatebyState36QuarterlyTransitionRatesinto30+DaysLatebyState37QuarterlyTransitionRatesinto90+DaysLatebyState38PercentofConsumerswithNewForeclosuresbyState39PercentofConsumerswithNewBankruptciesbyState40PageLeftBlankIntentionally1NATIONALCHARTS2TotalDebtBalanceanditsCompositionTrillionsofDollarsMortgageHERevolvingAutoLoanCreditCardStudentLoanOther2024Q4Total:$18.04Trillion2024Q3Total:$17.94Trillion1815129(3%)(9%)(6%)(9%)(2%)(70%)630Source:NewYorkFedConsumerCreditPanel/Equifax3NumberofAccountsbyLoanTypeMillions600Millions25020015010050500CreditCard(RightAxis)4003002001000AutoLoan(LeftAxis)Mortgage(LeftAxis)HERevolving(LeftAxis)0Source:NewYorkFedConsumerCreditPanel/Equifax4TotalNumberofNewandClosedAccountsandInquiriesMillionsMillions4004003503002502001501005035030025020015010050NumberofAccountsClosedwithin12MonthsNumberofInquirieswithin6MonthsNumberofAccountsOpenedwithin12Months00Source:NewYorkFedConsumerCreditPanel/Equifax5MortgageOriginationsbyCreditScore*BillionsofDollarsBillionsofDollars1,4001,4001,2001,000800<620620-659660-719720-759760+1,2001,00080060040020006004002000Source:NewYorkFedConsumerCreditPanel/Equifax*CreditScoreisEquifaxRiskscore3.06CreditScoreatOrigination:Mortgages*Score800Score80050thpercentile75070065060055050075070065060055050025thpercentile10thpercentileSource:NewYorkFedConsumerCreditPanel/Equifax*CreditScoreisEquifaxRiskscore3.0;mortgagesincludefirst-liensonly.7AutoLoanOriginationsbyCreditScore*BillionsofDollarsBillionsofDollars<620620-659660-719720-759760+2002001601208016012080404000Source:NewYorkFedConsumerCreditPanel/Equifax*CreditScoreisEquifaxRiskscore3.08CreditScoreatOrigination:AutoLoans*Score800Score75070065060055050050thpercentile25thpercentile10thpercentileSource:NewYorkFedConsumerCreditPanel/Equifax*CreditScoreisEquifaxRiskscore3.09CreditLimitandBalanceforCreditCardsandHERevolvingTrillionsofDollarsTrillionsofDollarsHELOCBalanceCCBalanceCCLimitHELOCLimit543210543210Source:NewYorkFedConsumerCreditPanel/Equifax10TotalBalancebyDelinquencyStatusPercent14Percent1412108SeverelyDerogatory120+dayslate90dayslate60dayslate30dayslate1210866442200Source:NewYorkFedConsumerCreditPanel/Equifax11PercentofBalance90+DaysDelinquentbyLoanTypePercent15Percent15CreditCardStudentLoan1010AutoLoanMortgage55HERevolving00Source:NewYorkFedConsumerCreditPanel/Equifax12TransitionintoDelinquency(30+)byLoanTypePercentofBalancePercentofBalance161614121081412108StudentLoanAutoLoanCreditCard6644MortgageHERevolving2200Note:4QuarterMovingSumStudentloandataarenotreportedpriorto2004duetounevenreportingSource:NewYorkFedConsumerCreditPanel/Equifax13TransitionintoSeriousDelinquency(90+)byLoanTypePercentofBalance12PercentofBalance1210810StudentLoan866CreditCardMortgage44AutoLoan22HERevolving00Note:4QuarterMovingSumSource:NewYorkFedConsumerCreditPanel/EquifaxStudentloandataarenotreportedpriorto2004duetounevenreporting14QuarterlyTransitionRatesforCurrentMortgageAccountsPercent3.5Percent3.53.02.52.01.51.00.50.03.02.52.01.51.00.50.0To30-60dayslateTo90+dayslateSource:NewYorkFedConsumerCreditPanel/Equifax15QuarterlyTransitionRatesfor30-60DayLateMortgageAccountsPercent70Percent7060504030201006050403020100To90+dayslateToCurrentSource:NewYorkFedConsumerCreditPanel/Equifax16NumberofConsumerswithNewForeclosuresandBankruptciesThousandsThousands1,20090060030001,200ForeclosuresBankruptcies9006003000Source:NewYorkFedConsumerCreditPanel/Equifax17ThirdPartyCollectionsPercentDollars1,80016Percentofconsumers1,7001,6001,5001,4001,3001,2001,1001,000900withcollection(LeftAxis)1412108Averagecollectionamountperpersonwithcollection(RightAxis)64800Source:NewYorkFedConsumerCreditPanel/Equifax18SELECTCHARTSBYAGE19TotalDebtBalancebyAgeTrillionsofDollars18-29TrillionsofDollars70+30-3940-4950-5960-6918181512915129663300Note:Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Balancesmaynotadduptototalsduetoasmallnumberofindividualswithunknownbirthyears.Source:NewYorkFedConsumerCreditPanel/Equifax20DebtSharebyProductTypeandAge(2024Q4)AutoLoansCreditCardMortgageHELOCStudentLoansOther100%80%60%40%20%0%18-2930-3940-4950-5960-6970+Note:Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.BalancesmaynotaddupSource:NewYorkFedConsumerCreditPanel/Equifaxtototalsduetoasmallnumberofindividualswithunknownbirthyears.21AutoLoanOriginationsbyAgeBillionsofDollars250BillionsofDollars25018-2930-3940-4950-5960-6970+200150100502001501005000Note:Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.BalancesmaynotaddupSource:NewYorkFedConsumerCreditPanel/Equifaxtototalsduetoasmallnumberofindividualswithunknownbirthyears.22MortgageOriginationsbyAgeBillionsofDollars1,400BillionsofDollars1,40018-2930-3940-4950-5960-6970+1,2001,00080060040020001,2001,0008006004002000Note:Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.BalancesmaynotaddupSource:NewYorkFedConsumerCreditPanel/Equifaxtototalsduetoasmallnumberofindividualswithunknownbirthyears.23TransitionintoSeriousDelinquency(90+)byAgePercentofBalancePercentofBalance10109876543210987654321030-3950-5970+40-4918-2960-69Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Source:NewYorkFedConsumerCreditPanel/Equifax24TransitionintoSeriousDelinquency(90+)forMortgagesbyAgePercentofBalancePercentofBalance121081210818-2930-3940-496660-6970+442250-5900Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Source:NewYorkFedConsumerCreditPanel/Equifax25TransitionintoSeriousDelinquency(90+)forAutoLoansbyAgePercentofBalancePercentofBalance6654321018-29530-3950-5960-694340-492170+0Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Source:NewYorkFedConsumerCreditPanel/Equifax26TransitionintoSeriousDelinquency(90+)forCreditCardsbyAgePercentofBalancePercentofBalance151512912918-2930-3950-5970+6660-6940-493300Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Source:NewYorkFedConsumerCreditPanel/Equifax27TransitionintoSeriousDelinquency(90+)forCreditCardsbyAgePercentofBalancePercentofBalance151512912918-2930-3950-5970+6660-6940-493300Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Source:NewYorkFedConsumerCreditPanel/Equifax28NewForeclosuresByAgeThousands600Thousands60018-2930-3940-4950-5960-6970+50040030020010005004003002001000Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Balancesmaynotadduptototalsduetoasmallnumberofindividualswithunknownbirthyears.Source:NewYorkFedConsumerCreditPanel/Equifax29NewBankruptciesByAgeThousands1,000Thousands1,00018-2930-3940-4950-5960-6970+80060040020008006004002000Note:4QuarterMovingSum.Ageisdefinedasthecurrentyearminusthebirthyearoftheborrower.Agegroupsarere-definedeachyear.Balancesmaynotadduptototalsduetoasmallnumberofindividualswithunknownbirthyears.Source:NewYorkFedConsumerCreditPanel/Equifax30CHARTSBYSELECTSTATE31TotalDebtBalanceperCapita*byStateThousandsofDollarsThousandsofDollars100100NationalAverageFLILMINJTXOHPANVCANYAZ8080604020NVCANJAZ60NYMI40TXPA20Source:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport32CompositionofDebtBalanceperCapita*byState(2024Q4)ThousandsofDollarsThousandsofDollars100806040200MortgageHERevolvingAutoLoanCreditCardStudentLoanOtherAZCAFLILMINJNVNYOHPATXUSSource:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport33DelinquencyStatusofDebtBalanceperCapita*byState(2024Q4)ThousandsofDollarsThousandsofDollars100100806040200Current30-daylate60-daylate90-daylate120-daylateSeverelyDerogatory806040200AZCAFLILMINJNVNYOHPATXUSSource:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport34PercentofBalance90+DaysLatebyStatePercent24Percent24NationalAverageFLILMI211815129211815129NJTXOHPANVCANYAZNVFLCANY66TXPA3300Source:NewYorkFedConsumerCreditPanel/Equifax35PercentofMortgageDebt90+DaysLatebyStatePercent27Percent27NationalAverageFLILMI2421181512924211815129NJTXOHPANVCANYAZNVFLAZCA66NY33PA00Source:NewYorkFedConsumerCreditPanel/Equifax36QuarterlyTransitionRatesinto30+DaysLatebyState*PercentofBalance30PercentofBalance30NationalAverageFLILMINJTXOHPANVCANYAZ252015105252015105NVAZCAFLPA00Note:*FourQuarterMovingSum,RatesfromCurrentto30+DaysDelinquent,AllAccounts.RevisedMay2017.Source:NewYorkFedConsumerCreditPanel/Equifax37QuarterlyTransitionRatesinto30+DaysLatebyState*PercentofBalance30PercentofBalance30NationalAverageFLILMINJTXOHPANVCANYAZ252015105252015105NVAZCAFLPA00Note:*FourQuarterMovingSum,RatesfromCurrentto30+DaysDelinquent,AllAccounts.RevisedMay2017.Source:NewYorkFedConsumerCreditPanel/Equifax38PercentofConsumers*withNewForeclosuresbyStatePercentPercent1.01.00.80.60.40.20.0NationalAverageILNJTXOHPAFLMINVCANYAZ0.80.60.40.20.0NVFLCAAZMINYSource:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport39PercentofConsumers*withNewBankruptciesbyStatePercent0.8Percent0.8NationalAverageFLILMINJTXOHPANVCANYAZ0.60.40.20.00.60.40.20.0NVTXSource:NewYorkFedConsumerCreditPanel/EquifaxNote:*Basedonthepopulationwithacreditreport40DataDictionaryTheFRBNYConsumerCreditPanelconsistsofdetailedEquifaxcredit-reportdataforauniquelongitudinalquarterlypanelofindividualsandhouseholdsfrom1999to2024.1Thepanelisanationallyrepresentative5%randomsampleofallindividualswithasocialsecuritynumberandacreditreport(usuallyaged19andover).Wealsosampledallotherindividualslivingatthesameaddressastheprimarysamplemembers,allowingustotrackhousehold-levelcreditanddebtforarandomsampleofUShouseholds.Theresultingdatabaseincludesapproximately44millionindividualsineachquarter.MoredetailsregardingthesampledesigncanbefoundinLeeandvanderKlaauw(2010).2AcomprehensiveoverviewofthespecificcontentofconsumercreditreportsisprovidedinAvery,Calem,CannerandBostic(2003).3Thecreditreportdatainourpanelprimarilyincludesinformationonaccountsthathavebeenreportedbythecreditorwithin3monthsofthedatethatthecreditrecordsweredrawneachquarter.Thus,accountsthatarenotcurrentlyreportedonareexcluded.Suchaccountsmaybeclosedaccountswithzerobalances,dormantorinactiveaccountswithnobalance,oraccountsthatwhenlastreportedhadapositivebalance.Thelatteraccountsincludeaccountsthatwereeithersubsequentlysold,transferred,orpaidoffaswellasaccounts,particularlyderogatoryaccounts,thatarestilloutstandingbutonwhichthelenderhasceasedreporting.AccordingtoAveryetal(2003),thelattergroupofnoncurrentlyreportingaccounts,withpositivebalanceswhenlastreported,accountedforapproximately8%ofallcreditaccountsintheirsample.Forthevastmajorityoftheseaccounts,andparticularlyformortgageandinstallmentloans,additionalanalysissuggestedtheyhadbeenclosed(withzerobalance)ortransferred.4Ourexclusionofthelatteraccountsiscomparabletosome‘staleaccountrules’usedbycreditreportingcompanies,whichtreatnoncurrentlyreportingrevolvingandnonrevolvingaccountswithpositivebalancesasclosedandwithzerobalance.Allfiguresshowninthetablesandgraphsarebasedonthe5%randomsampleofindividuals.Toreduceprocessingcosts,wedrewa2%randomsubsampleoftheseindividuals,meaningthattheresultspresentedherearefora0.1%randomsampleofindividualswithcreditreports,orapproximately267,000individualsasofQ12017.5Incomputingseveralofthesestatistics,accountwastakenofthejointorindividualnatureofvariousloanaccounts.Forexample,tominimizebiasesduetodoublecounting,incomputingindividual-leveltotalbalances,50%ofthebalanceassociatedwitheachjointaccountwasattributedtothatindividual.Per-capitafiguresarecomputedbydividingtotalsforoursamplebythetotalnumberofpeopleinoursample,sothesefiguresapplytothepopulationofindividualswhohaveacreditreport.IncomparingaggregatemeasuresofhouseholddebtpresentedinthisreporttothoseincludedintheBoardofGovernor’sFlowOfFunds(FoF)Accounts,thereareseveralimportantconsiderations.First,amongthedifferentcomponentsincludedintheFoFhouseholddebtmeasure(whichalsoincludesdebtofnonprofitorganizations),ourmeasuresaredirectlycomparabletotwoofitscomponents:homemortgagedebtandconsumercredit.Totalmortgagedebtandnon-mortgagedebtinthethirdquarterof2009wererespectively$9.7and$2.6trillion,whilethecomparableamountsintheFoFforthesamequarterwere1Notethatreportedaggregates,especiallyin2003-2004,mayreflectsomedelaysinthereportingofstudentloansbyservicerstocreditbureauswhichcouldleadtosomeundercountingofstudentloanbalances.QuarterlydatapriortoQ12003,excludingstudentloans,willremainavailableontheHousehold

Creditwebpage.2Lee,D.andW.vanderKlaauw,“AnintroductiontotheFRBNYConsumerCreditPanel”,[2010].3Avery,R.B.,P.S.Calem,G.B.CannerandR.W.Bostic,“AnOverviewofConsumerDataandCreditReporting”,FederalReserveBulletin,Feb.2003,pp47-73.4Averyetal(2003)foundthatformanynonreportedmortgageaccountsanewmortgageaccountappearedaroundthetimetheaccountstoppedbeingreported,suggestingarefinanceorthattheservicingwassold.Mostrevolvingandopennon-revolvingaccountswithapositivebalancerequiremonthlypaymentsiftheyremainopen,suggestingtheaccountshadbeenclosed.Noncurrentlyreportingderogatoryaccountscanremainunchangedandnotrequiringupdatingforalongtimewhentheborrowerhasstoppedpayingandthecreditormayhavestoppedtryingtocollectontheaccount.Averyetalreportthatsomeoftheseaccountsappearedtohavebeenpaidoff.5Duetorelativelylowoccurrenceratesweusedthefull5%sampleforthecomputationofnewforeclosureandbankruptcyrates.Additionally,tocaptureandaccountforservicerdiscrepancies,weusedthe1%sampleforstudentloandata.Forallothergraphs,wefoundthe0.1%sampletoprovideaverycloserepresentationofthe5%sample.41$10.3and$2.5trillion,respectively.6Second,adetailedaccountingfortheremainingdifferencesbetweenthedebtmeasuresfrombothdatasourceswillrequireamoredetailedbreakdownanddocumentationofthecomputationoftheFoFmeasures.7Loantypes.Inouranalysiswedistinguishbetweenthefollowingtypesofaccounts:mortgageaccounts,homeequityrevolvingaccounts,autoloansandleases,bankcardaccounts,studentloansandotherloanaccounts.Mortgageaccountsincludeallmortgageinstallmentloans,includingfirstmortgagesandhomeequityinstallmentloans(HEL),bothofwhichareclosed-endloans.HomeEquityRevolvingaccounts(akaHomeEquityLineofCreditorHELOC),unlikehomeequityinstallmentloans,arehomeequityloanswitharevolvinglineofcreditwheretheborrowercanchoosewhenandhowoftentoborrowuptoanupdatedcreditlimit.AutoLoansareloanstakenouttopurchaseacar,includingleases,providedbyautomobiledealersandautomobilefinancingcompanies.Bankcardaccounts(orcreditcardaccounts)arerevolvingaccountsforbanks,bankcardcompanies,nationalcreditcardcompanies,creditunionsandsavings&loanassociations.StudentLoansincludeloanstofinanceeducationalexpensesprovidedbybanks,creditunionsandotherfinancialinstitutionsaswellasfederalandstategovernments.TheOthercategoryincludesConsumerFinance(salesfinancing,personalloans)andRetail(clothing,grocery,departmentstores,homefurnishings,gasetc)loans.Ouranalysisexcludesauthorizedusertrades,disputedtrades,lost/stolentrades,medicaltrades,child/familysupporttrades,commercialtradesand,asdiscussedabove,inactivetrades(accountsnotreportedonwithinthelast3months).Totaldebtbalance.Totalbalanceacrossallaccounts,excludingthoseinbankruptcy.Numberofopen,newandclosedaccounts.Totalnumberofopenaccounts,numberofaccountsopenedwithinthelast12months.Numberofclosedaccountsisdefinedasthedifferencebetweenthenumberofopenaccounts12monthsagoplusthenumberofaccountsopenedwithinthelast12months,minusthetotalnumberofopenaccountsatthecurrentdate.Inquiries.Numberofcredit-relatedconsumer-initiatedinquiriesreportedtothecreditreportingagencyinthepast6months.Only‘hardpulls’areincluded,whicharevoluntaryinquiriesgeneratedwhenaconsumerauthorizeslenderstorequestacopyoftheircreditreport.Itexcludesinquiriesmadebycreditorsaboutexistingaccounts(forexampletodeterminewhethertheywanttosendthecustomerpre-approvedcreditapplicationsortoverifytheaccuracyofcustomer-providedinformation)andinquiriesmadebyconsumersthemselves.Notethatinquiriesarecreditreportingcompanyspecificandnotallinquiriesassociatedwithcreditactivitiesarereportedtoeachcreditreportingagency.Moreover,thereportingpracticesforthecreditreportingcompaniesmayhavechangedduringtheperiodofanalysis.Highcreditandbalanceforcreditcards.Totalamountofhighcreditonallcreditcardsheldbytheconsumer.Highcreditiseitherthecreditlimit,orhighestbalanceeverreportedduringhistoryofthisloan.AsreportedbyAveryetal(2003)theuseofthehighest-balancemeasureforcreditlimitsonaccountsinwhichlimitsarenotreportedlikelyunderstatestheactualcreditlimitsavailableonthoseaccounts.HighcreditandbalanceforHERevolving.Sameasforcreditcards,butnowappliedtoHELOCs.Creditutilizationrates(forrevolvingaccounts).Computedasproportionofavailablecreditinuse(outstandingbalancedividedbycreditlimit),andforreasonsdiscussedabovearelikelytooverestimateactualcreditutilization.6FlowofFundsAccountsoftheUnitedStates,FlowsandOutstandings,ThirdQuarter2009,BoardofGovernors,TableL.100.7Ourdebttotalsexcludedebtheldbyindividualswithoutsocialsecuritynumbers.Additionalinformationsuggeststhattotaldebtheldbysuchindividualsisrelativelysmallandaccountsforlittleofthedifference.42Delinquencystatus.Variesbetweencurrent(paidasagreed),30-daylate(between30and59daylate;notmorethan2paymentspastdue),60-daylate(between60and89dayslate;notmorethan3paymentspastdue),90-daylate(between90and119d