Trends in household debt: Types of debt, recent patterns, and what the data suggest.

The article "Trends in household debt: Types of debt, recent patterns, and what the data suggest" discusses the increase in household debt in Alaska since 2003. Factors contributing to this rise include higher mortgage payments, increased auto loan and credit card debt, and higher incomes. However, the amount of debt alone does not indicate how well households are managing their debts. While delinquency rates for mortgage and auto loan payments are low, credit card delinquency reached its highest point in 2023. Student loan debt delinquency rates dropped during the pandemic due to payment suspensions, but the impact of resuming loan repayment is uncertain. Alaska households had an average debt of $68,780 per person in 2023, with mortgages being the largest portion. It is important to note that per capita data includes everyone, not just those with specific types of debt. Overall, Alaska households seem to be managing their debt effectively, but credit card delinquency rates and the resumption of student loan repayment are areas of concern. For more information, readers can contact economist Rob Kreiger in Juneau. [Extracted from the article]