Energy Price Declines and Growing Subprime Population May Be Impacting Some Credit Markets

In 2015, both credit card and auto loan delinquency rates experienced double-digit increases in energy-rich states such as Louisiana, Oklahoma, North Dakota, Texas and West Virginia. Mortgage delinquency rate declines were also not as rapid in these states compared to the U.S. overall.

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Energy Price Declines and Growing Subprime Population May Be Impacting Some Credit Markets

In 2015, both credit card and auto loan delinquency rates experienced double-digit increases in energy-rich states such as Louisiana, Oklahoma, North Dakota, Texas and West Virginia. Mortgage delinquency rate declines were also not as rapid in these states compared to the U.S. overall.

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Mortgage - Delinquency Rates

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The national mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined 28% from 3.29% in Q4 2014 to 2.37% in Q4 2015. New Jersey had the highest mortgage delinquency rate (4.65%) in Q4 2015, while North Dakota had the lowest delinquency rate (0.97%).

Mortgage Delinquency
Mortgage Average Balance
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Auto - Delinquency Rates

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The national auto loan delinquency rate (the rate of borrowers 60 days or more past due on their auto loans) increased 6.4% from 1.16% in Q4 2014 to 1.24% in Q4 2015. As of Q4 2015, the auto delinquency rate reached its highest level since Q4 2010, when auto delinquency hit 1.22%. Louisiana had the highest auto delinquency rate (2.57%) in Q4 2015, while Oregon had the lowest (0.57%).

Auto Delinquency
Auto Average Balance

Credit Card - Delinquency Rates

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The national credit card delinquency rate (the rate of borrowers 90 days or more delinquent on their general purpose credit cards) increased 7.5% from 1.47% in Q4 2014 to 1.58% in Q4 2015. The credit card delinquency rate reached its highest level since 1.62% in Q4 2012. Mississippi had the highest credit card delinquency rate (2.57%) in Q4 2015, while Wisconsin had the lowest (0.92%).

Credit Card Delinquency
Credit Average Balance

Consumer Lending - Delinquency Rates

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The national consumer lending delinquency rate (the rate of borrowers 60 days or more delinquent on their personal loans) dropped 2% from 3.95% in Q4 2014 to 3.87% at the end of 2015. Texas had the highest consumer lending delinquency rate (6.92%) in Q4 2015, while Montana had the lowest (1.10%).

Consumer Lending Delinquency
Consumer Lending Average Balance
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