Evidence suggests that higher prices and higher interest rates are the likely culprits driving delinquencies. Financial distress is real, and the delinquent marks will impact access to credit for years to come.

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Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw, “Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments,” Federal Reserve Bank of New York Liberty Street Economics, February 16, 2023, https://libertystreeteconomics.newyorkfed.org/2023/02/younger-borrowers-are-struggling-with-credit-card-and-auto-loan-payments/.