Credit serves as an important financial buffer for many households, enabling people to manage large expenses and sudden changes in income. For consumers with a credit file, debt utilization and related indicators provide an important measure of financial health.

A new series that explores trends in debt, delinquency, and credit scores during the COVID-19 pandemic offers insights into households’ and communities’ ability to weather an economic shock. These regional profiles provide an overview of credit scores and debt patterns in several regions in the Third District between the beginning of 2020 through the first quarter of 2021. To provide additional context on pre-pandemic conditions, data from 2019 are also included. Profiles are available for the following areas:

The study finds that while overall household financial well-being in these areas did not worsen during COVID-19, a substantial share of people in low- or moderate-income neighborhoods or where a majority of residents are people of color continue to experience financial insecurity. Analyses suggest that federal policies targeting financially vulnerable households may have averted economic distress and even lifted many out of poverty. But questions remain as to whether the financial resiliency observed during our study period will persist.