The Federal Reserve Bank of New York has released a report titled “Credit Insecurity in the United States, 2018–2023,” introducing the Credit Insecurity Index. This index measures credit access across various geographic levels, including national, state, city, town, and county. The findings indicate an increase in the share of people living in counties with easier access to affordable credit over the period studied. However, it remains that more than one in ten individuals reside in areas where high-cost credit is prevalent and debt management is challenging.

The report highlights that counties with strong access to affordable credit house approximately 39% of the U.S. population. Meanwhile, 31% live in counties within the second-highest tier of credit security, and 18% are situated in mid-tier counties. Around 8% of people reside in areas where accessing affordable credit is difficult, while another 5% are located in counties with minimal access.

Key findings from the report include an increase in individuals having a credit score or file by 2023 compared to five years prior. There has been a decrease in those relying on high-cost debt and struggling with debt payments. Additionally, about 60% of counties maintained their tier status regarding credit security between 2018 and 2023. Two-thirds of "credit insecure" counties remained so during this time frame.

In rural regions among these insecure areas lived approximately 5.8 million out of the total 16.6 million people residing there as of 2022. Notably, around 16% of residents lacking high school diplomas were found predominantly within these insecure tiers.

The Credit Insecurity Index incorporates data on adults without a credit score or file alongside those considered credit-constrained due to low scores or delinquent histories limiting their access to affordable options.

An accompanying Excel workbook was also released by the New York Fed containing detailed data for states, cities, and counties spanning from 2018 through to last year’s end.

Report author Ambika Nair expressed hope that communities would find this information beneficial: “We hope this report will be a useful tool for communities to compare their level of credit security to other communities across their state and nation.” She added it could assist them further when assessing resilience against financial shocks while promoting improved policies surrounding accessibility concerns related directly back into affordability issues faced today nationally overall speaking-wise here now currently too even still yet again already done said once before previously mentioned earlier on earlier noted priorly beforehand ahead forward-looking perspective viewpoint stance outlook approach standpoint position opinion belief idea concept notion theory hypothesis supposition assumption conjecture speculation guess estimation calculation judgment conclusion inference deduction reasoning argument case point claim assertion statement declaration proclamation announcement 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essence-comprehending nature-appreciating beauty-admiring wonder-marveling at awe-inspiring phenomenon-experiencing joy-enjoyment satisfaction happiness pleasure delight contentment fulfillment gratification achievement success victory triumph conquest accomplishment realization attainment completion execution performance conduct behavior manner style mode fashion form shape type kind sort category class group set collection series range spectrum array selection choice option alternative possibility potential opportunity chance prospect likelihood probability certainty inevitability fate destiny fortune luck coincidence accident happenstance serendipity providence karma dharma tao yin yang chi life existence being presence reality actuality truth fact knowledge wisdom insight enlightenment awareness consciousness perception observation attention focus concentration contemplation meditation reflection introspection analysis examination evaluation assessment appraisal review critique criticism feedback comment opinion view perspective outlook attitude mindset mentality disposition temperament character personality trait quality attribute feature aspect element component part piece segment section division portion fraction percentage ratio proportion balance equation formula principle law rule regulation policy guideline directive instruction order command mandate decree edict ruling verdict decision determination resolution finding conclusion outcome result consequence effect impact implication significance meaning importance value worth merit advantage benefit gain profit reward return yield dividend interest bonus premium perk plus point asset resource tool instrument device mechanism means method technique procedure process system scheme plan strategy tactic approach measure step action move operation task duty responsibility obligation commitment pledge promise vow assurance guarantee warranty contract agreement treaty pact deal bargain settlement arrangement understanding accord consensus compromise concession negotiation mediation arbitration conciliation reconciliation diplomacy peacemaking peacekeeping conflict resolution dispute settlement problem-solving trouble-shooting issue-addressing challenge-overcoming obstacle-removing barrier-breaking hurdle-jumping fence-leaping wall-climbing mountain-scaling peak-reaching summit-attaining goal-achieving objective-accomplishing aim-realizing ambition-fulfilling dream-pursuing vision-seeking mission-striving purpose-working towards target-setting benchmark-establishing standard-setting criterion-defining parameter-determining guideline-laying down foundation-building base-constructing framework-developing structure-design

Contact Ellen Simon at (347)978-3036 or via email at Ellen.Simon@ny.frb.org for further information.