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Consumer Credit Notes

  • Administrative changes related to the Department of Education’s Fresh Start program resulted in the duplicative reporting of some student loans by servicers in Q4 2022. Before May 22, 2024, unadjusted figures that included these duplicates were presented in this data tool. Since then, these duplicate loans have been removed from these figures. Users may notice slight differences in average debt and percent change in aggregate debt figures for this quarter, compared with previously published estimates. The percent with debt and percent with severely delinquent debt calculations were not affected.  
  • Neighborhood Income and Majority Race/Ethnicity series are not available prior to Q2 2014 because of the unavailability of 2010 tract identifiers in the CCP data prior to that quarter. These categories are calculated based on American Community Survey data reported for 2020 census tracts and were allocated to 2010 tracts using a block-tract crosswalk. Performing a second crosswalk allocation to 2000 tracts — the only tract identifiers available prior to Q2 2014 — would reduce the reliability of the classifications.
  • Changes to student loan servicers resulted in a significant underreporting of student loans in Q1 2022 and, to a lesser extent, Q2 2022. Users should interpret student loan and total debt figures from these quarters with caution and avoid comparisons to other quarters. 

All dollar figures are reported in Q4 2023 dollars, adjusted using the Bureau of Economic Analysis Implicit Price Deflator for Personal Consumption Expenditures.