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Consumer Credit Conditions, June 2015

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

Overview

Aggregate consumer debt in the Eleventh District climbed 5.7 percent, or $42.5 billion, in the year ended June 2015. While the expansion was less robust than during the prior year, it nonetheless exceeded the national rate of 1.8 percent.

The number of consumers with a credit report in the district rose 2.9 percent from a year ago. Auto loans were up 12.5 percent, and retail loans increased 9.8 percent. Student loans grew more slowly (5.4 percent versus 12.8 percent a year ago) and bankcard debt rose more quickly (6.7 percent versus 1.8 percent). Mortgage debt didn’t increase as rapidly as in the prior year but was up 3.9 percent, a rate that exceeded the nation’s 0.4 percent. Home equity installment loans declined 1 percent regionally, while home equity lines of credit rose 2.9 percent.

Texas consumer debt performance, because of its relative regional size, dominates district results. Northern Louisiana and southern New Mexico diverged from the overall district trends. Both areas experienced smaller increases than Texas in consumer loans, auto loans, bankcard balances, consumer finance loans, first mortgages and retail loans. In southern New Mexico, home equity installment loans decreased 7.4 percent, a larger decline than in the rest of the district. Home equity lines of credit also went down, by 3.4 percent, while rising slightly elsewhere in the district.

Mortgage debt as a share of total debt declined, to 58.8 percent in June 2015 from 59.8 percent in June 2014, for the average district consumer with a credit report. The auto loan share of debt rose to 15.7 percent from 14.8 percent, and the student loan share remained at about 11 percent.

Overall consumer loan performance in the district improved slightly from the prior year. Mortgage delinquencies dropped, to 3.6 percent in June 2015 from 4.2 percent in June 2014. Serious delinquencies also went down, to 1.5 percent from 1.9 percent. Accompanying an expansion of auto loans, auto loan delinquencies rose slightly at 0.2 percentage points to 7.1 percent, and serious delinquencies dipped 0.3 percentage points to 3.9 percent.

Bankcard delinquencies and serious delinquencies increased by 0.8 and 0.7 percentage points, respectively. Student loan delinquencies remained at 13.7 percent in the district, but serious delinquencies rose slightly from the year before, to 13.3 percent from 13 percent. Southern New Mexico and northern Louisiana student loan delinquency rates exceeded those of Texas.

The district serious delinquency rate was little changed from June 2014 at 4.2 percent; the national rate stood at 4 percent. Rates of serious delinquency in the district were higher for auto loans, 3.9 versus 3.4 percent nationally; for student loans, 13.4 versus 11.4 percent; for bankcard debt, 9.1 versus 8.5 percent; and for retail loans, 8.4 versus 7.9 percent. The rates were lower for first mortgages, 1.5 percent versus 2.5 percent nationally, and for home equity lines of credit, 2.8 percent versus 3.1 percent.

Past Reports

 

Charts of Consumer Credit Conditions in the Eleventh Federal Reserve District

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Consumer Loan Balances in Eleventh District and U.S., June 2015 and 2014

PDFPDF Version

2015
All Consumer Loans
2014
All Consumer Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
22,758
  Louisiana
21,881
 
New Mexico
14,935
  New Mexico
14,489
 
Texas
751,208
  Texas
710,008
 
11th District
788,900
  11th District
746,378
 
U.S.
11,679,555
  U.S.
11,476,566
 
2015
Auto Loans
2014
Auto Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
3,845
  Louisiana
3,535
 
New Mexico
2,585
  New Mexico
2,372
 
Texas
117,645
  Texas
104,345
 
11th District
124,074
  11th District
110,252
 
U.S.
993,189
  U.S.
896,551
 
2015
Bankcard Loans
2014
Bankcard Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
1,418
  Louisiana
1,365
 
New Mexico
1,061
  New Mexico
1,018
 
Texas
53,403
  Texas
49,973
 
11th District
55,882
  11th District
52,355
 
U.S.
696,438
  U.S.
666,267
 
2015
Consumer Finance Loans
2014
Consumer Finance Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
417
  Louisiana
403
 
New Mexico
226
  New Mexico
219
 
Texas
8,853
  Texas
8,084
 
11th District
9,496
  11th District
8,707
 
U.S.
76,343
  U.S.
72,413
 
2015
First Mortgage Loans
2014
First Mortgage Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
11,711
  Louisiana
11,433
 
New Mexico
8,237
  New Mexico
8,079
 
Texas
443,833
  Texas
426,810
 
11th District
463,781
  11th District
446,321
 
U.S.
7,873,484
  U.S.
7,839,836
 
2015
Home Equity Loans
2014
Home Equity Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
281
  Louisiana
281
 
New Mexico
214
  New Mexico
231
 
Texas
12,513
  Texas
12,632
 
11th District
13,008
  11th District
13,145
 
U.S.
131,936
  U.S.
139,894
 
2015
Home Equity Line of Credit Loans
2014
Home Equity Line of Credit Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
504
  Louisiana
486
 
New Mexico
168
  New Mexico
174
 
Texas
7,380
  Texas
7,116
 
11th District
8,052
  11th District
7,827
 
U.S.
497,826
  U.S.
510,850
 
2015
Retail Loans
2014
Retail Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
221
  Louisiana
212
 
New Mexico
144
  New Mexico
137
 
Texas
7,146
  Texas
6,489
 
11th District
7,511
  11th District
6,839
 
U.S.
73,460
  U.S.
68,490
 
2015
Student Loans
2014
Student Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
3,225
  Louisiana
3,094
 
New Mexico
1,654
  New Mexico
1,691
 
Texas
82,293
  Texas
77,914
 
11th District
87,171
  11th District
82,699
 
U.S.
1,160,382
  U.S.
1,116,418
 
2015
Other Loans
2014
Other Loans
 
Total balance (millions of dollars)
 
Total balance (millions of dollars)
Louisiana
1,135
  Louisiana
1,071
 
New Mexico
647
  New Mexico
569
 
Texas
18,143
  Texas
16,594
 
11th District
19,925
  11th District
18,234
 
U.S.
176,498
  U.S.
165,847
 

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 the analysis include mortgage loans, home equity installment loans (HEL), home equity line of credit accounts (HELOC), auto loans, bankcard accounts, student loans, 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 on the New York Fed website. For conditions nationally, visit the New York Fed’s Household Debt and Credit Report webpageOff-site PDF.

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 accounted for in totals in the Equifax data until they are no longer reported by the lender.

 

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