The latest Large Bank Credit Card and Mortgage Data released by the Federal Reserve Bank of Philadelphia revealed concerning trends at the end of 2023. According to the report, credit card delinquency rates reached series highs, with more accounts being past due compared to any other quarter since 2012. Mortgage originations also hit a series low, and the 30+ days past due rate increased quarter over quarter.
Kelly Antonacci, from the Philadelphia Fed, highlighted that “several Q4 2023 measures surpassed records set since the series began in Q3 2012.” The median front-end debt-to-income ratio rose to a series high, indicating affordability issues as housing costs consume a larger share of borrowers’ budgets.
The data is now available on a new interactive dashboard that allows users to explore quarter-by-quarter data from 32 different measures. This tool provides insights into large banks and consumer trends, enabling a detailed analysis of credit card accounts, balances, and mortgage originations.
The Large Bank Credit Card and Mortgage Data, which represent a significant portion of the U.S. credit card and residential mortgage markets, are collected quarterly from various financial institutions with over $100 billion in total consolidated assets. The release of this data in mid-2022 aimed to provide transparency and clarity on consumer credit trends to the general public.
The Federal Reserve Bank of Philadelphia, responsible for formulating monetary policy and supervising financial institutions, serves eastern and central Pennsylvania, southern New Jersey, and Delaware. The publication of this data underscores the importance of monitoring credit card and mortgage trends in understanding the overall health of the financial sector and consumer behavior.
