The debt of Puerto Rican families increased by $441.6 million (1.4%) in the second quarter of 2023 when compared to the previous quarter, according to data from the Office of the Commissioner of Financial Institutions. It is the highest debt since 2016.
The increase in debt was driven by growth in auto loans and an increase in credit card balances.
Mortgage debt decreased 0.1% between the first and second quarters of this year, to $17,994.8 million, the lowest figure since the middle of last year.
The credit card balance was at the end of June at $1,393.1 million, 12.8% more than in the same period last year and the highest figure since the first three months of 2020. Between the first and second quarters of this year, Credit card debt has risen by $65 million.
Auto loans rose by $124.0 million (3.3%) between the first and second quarters, to a record level of $3,925.7 million.
The bank delinquency rate in the second quarter fell to 2.20%, the lowest level since 2006, according to data from the Federal Deposit Insurance Corporation (FDIC).
2023-11-14 04:25:52
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