U.S. Loan Delinquency Rate Reaches Highest Level Since 2017

The New York Fed’s Household Debt and Credit Report, which provides the nation’s most comprehensive delinquency time series, shows that overall loan delinquency rates—particularly credit card and auto loan delinquencies—have risen steadily since late 2022 and by early 2024 reached levels notably above their pre-pandemic averages. Cross-verification with Federal Reserve Board statistical releases on charge-off and delinquency rates corroborates this trend, noting that delinquency and charge-off rates for consumer credit now stand at multi-year highs. Both sources indicate that the current delinquency rates are roughly comparable to or exceed those last observed in 2017, marking the highest aggregate level since that year. There are no major contradictions among the authoritative primary datasets. Qualitative commentary from Federal Reserve publications aligns with this quantitative evidence, attributing rising delinquency to higher interest rates and post-pandemic normalization of credit behavior. Thus, based on direct federal data, the statement that U.S. loan delinquency rates have reached their highest level since 2017 is well-supported by evidence from primary sources.