The number of borrowers behind on their loan payments has dropped to their lowest level in over a decade for both New York and Connecticut. According to the Federal Reserve Bank of New York, the percentage of consumers in distress has continued to fall since the 2008 financial crisis.
Data show 12.8 percent of New Yorkers and 13.5 percent of borrowers in Connecticut are more than 90 days late on their loans. The percentage is 5% lower than during the worst of the credit crisis.
The region is below the national average in all forms of troubled debt; however, student loan delinquencies remain high. In fact, in Connecticut the delinquent student load debt is double what it was 15 years ago. Over that same time period, borrow rates have risen, suggesting that the increase in defaults related to the amount students have to borrow.
