Debt rates have decreased in for New Yorkers, according to the Federal Reserve Bank of New York. That means, generally speaking, New Yorkers are carrying smaller debt loads than before. However, according to the same data, we’re not doing it quite as quickly as the rest of the country.
Does the the reduction in debt loads mean we’ve all learned our lessons about not carrying too much debt? Or is it just because it’s harder to borrow money in today’s economy? Hopefully the former, but probably more likely the latter.
Notably, residents of the Bushwick section of Brooklyn appear to have particularly high debt rates resulting in a delinquency rate of three times that of the national average. The same conclusions apply to several neighborhoods in Queens, including South Richmond Hill, South Ozone Park and Jamaica. And unlike much of the rest of the country, the rates in those areas do not appear to be declining.
Also worth noting is that the one area where New Yorkers increased their debt burdens, on average, was in connection with cars. The Fed listed a 5% increase in car debt among New Yorkers.
One last item to mention: The average debt for New Yorkers is $50,000. Where do you fall in relation to that amount?
Whether you’re above or below that amount, if you’re worried about making ends meet and protecting your car, your home or your financial life in general, please feel free to contact Bruce Weiner, an experienced fair debt collection practices act for a free consultation.
