Americans feel less financial stress thanks to relief programs. Yet there are signs of strain
Still, Americans may be feeling richer due to increases in equity in their homes, as well as gains in the stock market.
Though household net worth declined by 5.6% in the first quarter of 2020, it has since rebounded to all-time highs. However, Americans continue to grapple with debt, with consumer credit representing about 25% of total household debt. That includes credit cards, auto loans, installment loans and student loans.Loans for subprime borrowers — those with less than ideal credit — declined in 2020 and 2021, likely due in part to tight lending standards for that population.
Policies implemented during the pandemic have also contributed to a lower credit card and student loan delinquency rates. However, the share of mortgages in some form of non-payment is higher than before the pandemic. Mortgage delinquency rates could rise as mortgage forbearance programs expire at the end of this year. Moreover, eviction rates could jump as the federal and state eviction moratoriums expire, the report found.
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