Rising balances for mortgages, credit cards, home equity lines of credit and student loans all contributed to the higher total, the report said.<\/p>\n
Although New York\u2019s debt per capita is lower than in other states, Long Islanders in particular may be feeling the impact of larger mortgages from a pricey regional housing market<\/a>, Kent said, along with active student loan debt hitting credit after the end of a pandemic-era pause on collections<\/a>.<\/p>\n And, \u201cbecause people have to pay off their student debt, they may be slower to pay off their credit card debt,\u201d he said.<\/p>\n The overall level of debt outlined in the report fits the \u201cnatural trend of a growing economy\u201d and is unlikely to significantly impact holiday spending for most, said Juan Carlos Conesa, an economics professor at Stony Brook University.<\/p>\n Numbers surrounding student debt \u201cseem distorted by the pandemic relief programs\u201d and seem \u201cto be going back to normal levels of delinquency,\u201d he said in an email.<\/p>\n \u201cWhat seems a bit more worrisome is the significant increase in delinquency for credit card debt over the last two years, but if anything it seems to be flattening out in the last few periods,\u201d he added.<\/p>\n Beside\u00a0debt, consumer behavior has been impacted by other factors like high inflation in recent years, Kent said, as households spend a higher percentage of their budgets on basic goods.<\/p>\n \u201cI think all of our businesses are feeling a bit of a pinch right now because it does feel like customers are tightening their belts a bit,\u201d said Joseph Garcia, president of the Farmingdale Chamber of Commerce and second vice president at the Nassau Council of Chambers of Commerce. \u201cThe pool of available money for consumers is smaller today than it was maybe a year or two ago, and that means you have to fight a lot harder to stand out.”<\/p>\n Fewer splurges, more belt-tightening<\/p>\n