Following the national trend, Arkansans lowered their mortgage and credit card debts while auto loans continued to rise in the second quarter, according to the Federal Reserve Bank of St. Louis’ Burgundy Book.
In Arkansas, per capita debt balances were down 1.9 percent in mortgages and 3.5 percent in credit card debt, but were up 7 percent in auto loans. The national also saw a decrease in per-capita debt balances in mortgages (1.8 percent) and credit cards (4.6 percent), while auto loan debt increased 5.5 percent.
Across Arkansas and the U.S., 90-plus day delinquency rates were up, but at a slower pace than the first quarter.
Mortgage debt was up 1.9 percent, credit card debt was up 7.1 percent and auto loan debt was up 2.3 percent in Arkansas. Across the country, mortgage debt was up 3 percent, credit card debt was up 7.5 percent and auto loan debt was up 3.1 percent.
The report found the growth auto and student loan debts has nearly offset the reduction of other debts accrued since the Great Recession.
“Relative to the second quarter of 2009, households increased their holdings of auto debt by $799 and student debt by $1,430,” the report said. “Over the same time span, the net change in household debt per capita was a reduction of $5.”
Per capita personal income was up 0.6 percent in the first quarter in Arkansas, however, it was still more than two percentage points lower than the national increase, 2.8 percent.
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