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Consumer Credit Trends for Texas

Consumer Credit Trends for Texas

Notes

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  1. Personal consumption expenditures’ contribution to GDP varies, but in recent years represents about 68 percent. See Bureau of Economic Analysis, Personal Consumption Expenditures (PCE), retrieved from FRED, Federal Reserve Bank of St. Louis, April 18, 2019, https://fred.stlouisfed.org/series/PCE.
  2. “Subprime Mortgage Crisis,” by John V. Duca, Federal Reserve History, Nov. 22, 2013, www.federalreservehistory.org/essays/subprime_mortgage_crisis.
  3. The goal of studying consumer debt at the county and subcounty level is to illuminate trends in borrowing and repayment on a local level.
  4. For consistency with the American Community Survey, the year of Equifax data on this measure is 2017. Other analysis uses 2018 data.
  5. “Who Are the Credit Invisibles?” Consumer Financial Protection Bureau, December 2016, https://files.consumerfinance.gov/f/documents/201612_cfpb_credit_invisible_policy_report.pdf.
  6. As of fourth quarter 2017, 13.3 percent of Texans were credit-invisible compared with the 10.5 percent national average. See “Community Credit: A New Perspective on America’s Communities,” Federal Reserve Bank of New York, updated July 23, 2018, www.newyorkfed.org/data-and-statistics/data-visualization/community-credit-profiles/index.html#inclusion/credit_participation/Pct_Pop_NOT_in_CE.
  7. “QuickFacts,” Census Bureau, 2018, www.census.gov/quickfacts/fact/table/US,TX/PST045218.
  8. See note 4.
  9. “Measuring the Value of Education,” by Elka Torpey, Bureau of Labor Statistics, April 2018, www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm.
  10. For more possible explanations of the rise in student debt, see “Rising Student Debt Burdens: Factors Behind the Phenomenon,” by Michael Greenstone and Adam Looney of the Brooking Institution’s The Hamilton Project, www.brookings.edu/blog/jobs/2013/07/05/rising-student-debt-burdens-factors-behind-the-phenomenon/, July 5, 2013.
  11. See “Texas Housing and Mortgage Update,” by Wenhua Di, Federal Reserve Bank of Dallas E-perspectives, vol. 11, no. 2, 2011, www.dallasfed.org/~/media/microsites/cd/epersp/2011/2_2.html.
  12. “A Record 7 Million Americans Are 3 Months Behind on Their Car Payments, a Red Flag for the Economy,” Heather Long, The Washington Post, February 12, 2019, www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/?utm_term=.d79edd8cbf0b.
  13. “Measures of Supply and Demand for Residential Mortgage Loans,” Board of Governors of the Federal Reserve System, July 2019, www.federalreserve.gov/data/documents/sloos-201907-charts.pdf.
  14. “Information, Contract Design, and Unsecured Credit Supply; Evidence from Credit Card Mailings,” by Song Han, Benjamin J. Keys and Geng Li, Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System, September 2015, www.federalreserve.gov/econresdata/feds/2015/files/2015103pap.pdf.
  15. “Does Price Regulation Affect Competition? Evidence from Credit Card Solicitations,” by Yiwei Dou, Geng Li and Joshua Ronen, Finance and Economics Discussion Series 2019-018, Board of Governors of the Federal Reserve System, February 2019, https://doi.org/10.17016/FEDS.2019.018.
  16. ”Just Released: Auto Loans in High Gear,” by Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw, Federal Reserve Bank of New York Liberty Street Economics (blog), Feb. 12, 2019, https://libertystreeteconomics.newyorkfed.org/2019/02/just-released-auto-loans-in-high-gear.html.
  17. See note 16.
  18. See note 12.
  19. Recent quarters of student loan samples often disproportionately represent particular groups of borrowers, such as those with private loans or those who have dropped out of higher education without a degree. This temporary sample selection issue causes bumpiness of trend data in recent quarters.
  20. “Can Student Loan Debt Explain Low Homeownership Rates for Young Adults?” by Alvaro Mezza, Daniel Ringo and Kamila Sommer, Federal Reserve Board Division of Research and Statistics, January 2019, www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf?mod=article_inline.
  21. “Report on the Economic Well-Being of U.S. Households in 2017–May 2018,” Board of Governors of the Federal Reserve System, June 19, 2018, www.federalreserve.gov/publications/2018-economic-well-being-of-us-households-in-2017-student-loans.htm.
  22. “Understanding Loan Aversion in Education: Evidence from High School Seniors, Community College Students, and Adults,” by Angela Boatman, Brent J. Evans and Adela Soliz, American Educational Research Association, Jan. 17, 2017, https://journals.sagepub.com/doi/full/10.1177/2332858416683649.
  23. “The Case for a Postsecondary Credential,” 60x30TX.com, 2017, www.60x30tx.com/why-60x30tx/.