<p>美国家庭债务在第四季度上升至 18.8 万亿美元，比第三季度增加 1910 亿美元</p>
<p>尽管整体违约率较低，但低收入地区的抵押贷款违约率上升</p>
<p>学生贷款违约率高达 9.6%，严重违约率为 16.2%</p>
<p>作者：Michael S. Derby</p>
<p>2 月 10 日（路透社）- 根据纽约联邦储备银行周二发布的一份报告，美国整体信用问题在第四季度略有增加，因为抵押贷款市场的某些部分出现加速恶化，学生贷款借款人面临持续困难。关于违约率，区域联邦储备银行的经济学家在发布季度家庭债务报告的博客文章中表示：“总体而言，抵押贷款在历史标准下表现良好，最近的上升仅是在（COVID-19）疫情期间达到人为低水平后出现的。”</p>
<p>去年，平均 1.3% 的抵押贷款出现严重问题，“这一比例与近 20 年前 ‘大衰退’ 期间观察到的平均水平非常相似。”</p>
<p>然而，经济学家们写道：“在低收入地区以及劳动市场或住房市场状况恶化的地区，我们看到抵押贷款违约率快速增长。”</p>
<p>报告显示，尽管美国经济整体表现良好，但越来越多的人，主要是低收入群体，正面临着在劳动市场放缓和高生活成本下的挑战。与此同时，高收入家庭表现良好，并通过消费支持整体经济扩张。美联储主席杰罗姆·鲍威尔在美国中央银行 1 月 27 日至 28 日政策会议结束后的新闻发布会上表示：“我们知道高收入家庭……往往拥有房地产和股票……以及证券，而这些资产的价值一直在上升，财富的增加确实支持了消费。” 与此同时，低收入者则在寻求 “节省” 开支。</p>
<h3>学生贷款问题</h3>
<p>纽约联邦储备银行的数据表明，第四季度流入严重违约的抵押贷款比例为 1.4%，高于 2024 年最后三个月的 1.09%。这一数字与第四季度所有借款的转化率 3.3% 相比，后者也高于 2024 年最后一个季度的 1.7%。</p>
<p>纽约联邦储备银行表示，第四季度的总债务违约情况 “恶化”，4.8% 的贷款处于某种困境。第三季度的困扰贷款比例为 4.5%。一位纽约联邦储备银行的研究人员在电话会议上讨论报告时表示：“我们总体上认为，尤其是非抵押贷款的违约率，实际上已经稳定或趋于平稳。” 然而，学生贷款仍然是家庭信用领域中面临最大挑战的部分。</p>
<p>纽约联邦储备银行表示，9.6% 的学生贷款逾期三个月或更长时间，“反映了在疫情宽限期结束后恢复支付报告的持续影响。” 它还指出，流入严重违约的学生贷款比例高达 16.2%，而 2024 年最后三个月为 0.7%。</p>
<p>第四季度家庭债务总水平为 18.8 万亿美元，比上季度增加 1910 亿美元，增幅为 1%。2025 年的总借款增加了 7400 亿美元，自 2019 年疫情爆发前以来增加了 4.6 万亿美元。学生贷款余额在 2025 年最后三个月达到 1.7 万亿美元，比上季度增加 110 亿美元。信用卡余额为 1.3 万亿美元，比第三季度增加 440 亿美元。第四季度汽车贷款余额为 1.7 万亿美元，比第三季度增加 120 亿美元。</p>

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<p>US household debt rises to $18.8 trillion in Q4, up $191 billion from 3Q</p>
<div class="lb-trans"><p>美国家庭债务在第四季度上升至 18.8 万亿美元，比第三季度增加 1910 亿美元</p>
</div><p>Mortgage delinquencies grow in lower-income areas despite overall low rates</p>
<div class="lb-trans"><p>尽管整体违约率较低，但低收入地区的抵押贷款违约率上升</p>
</div><p>Student loan delinquencies elevated at 9.6%, serious delinquency rate at 16.2%</p>
<div class="lb-trans"><p>学生贷款违约率高达 9.6%，严重违约率为 16.2%</p>
</div><p>By Michael S. Derby</p>
<div class="lb-trans"><p>作者：Michael S. Derby</p>
</div><p>Feb 10 (Reuters) - Overall credit troubles in the U.S. increased modestly during the fourth quarter as some parts of the mortgage market saw accelerated fraying, amid ongoing difficulties for student loan borrowers, the New York Federal Reserve said in a report released on Tuesday. When it comes to delinquency rates, “overall, mortgages continue to perform well by historical standards and have risen recently only after having reached artificially low levels during the (COVID-19) pandemic,” economists at the regional Fed bank said in a blog post accompanying the release of its quarterly household debt report.</p>
<div class="lb-trans"><p>2 月 10 日（路透社）- 根据纽约联邦储备银行周二发布的一份报告，美国整体信用问题在第四季度略有增加，因为抵押贷款市场的某些部分出现加速恶化，学生贷款借款人面临持续困难。关于违约率，区域联邦储备银行的经济学家在发布季度家庭债务报告的博客文章中表示：“总体而言，抵押贷款在历史标准下表现良好，最近的上升仅是在（COVID-19）疫情期间达到人为低水平后出现的。”</p>
</div><p>On average, 1.3% of mortgages became seriously troubled last year, “a share that looks very similar to the averages observed outside of the period around the ‘Great Recession’” nearly 20 years ago.</p>
<div class="lb-trans"><p>去年，平均 1.3% 的抵押贷款出现严重问题，“这一比例与近 20 年前 ‘大衰退’ 期间观察到的平均水平非常相似。”</p>
</div><p>The economists, however, wrote that “in lower-income areas and in areas experiencing worsening labor markets or housing market conditions, we are seeing mortgage delinquencies grow at a fast pace.”</p>
<div class="lb-trans"><p>然而，经济学家们写道：“在低收入地区以及劳动市场或住房市场状况恶化的地区，我们看到抵押贷款违约率快速增长。”</p>
</div><p>The report shows that even as the U.S. economy continues to perform well overall, an increasing number of people, mainly on the lower-income spectrum, are facing challenges amid a slowing labor market and high cost of living. Meanwhile, higher-income households are doing fine and supporting the overall expansion on the back of their spending. “We know that higher-income households … tend to own real estate and tend to own stocks … and securities, and those assets have been going up in value, and increases in wealth do support spending over time,” Fed Chair Jerome Powell said in a press conference after the end of the U.S. central bank’s January 27-28 policy meeting. Meanwhile, those with lower incomes are looking to “economize” their spending, he said.</p>
<div class="lb-trans"><p>报告显示，尽管美国经济整体表现良好，但越来越多的人，主要是低收入群体，正面临着在劳动市场放缓和高生活成本下的挑战。与此同时，高收入家庭表现良好，并通过消费支持整体经济扩张。美联储主席杰罗姆·鲍威尔在美国中央银行 1 月 27 日至 28 日政策会议结束后的新闻发布会上表示：“我们知道高收入家庭……往往拥有房地产和股票……以及证券，而这些资产的价值一直在上升，财富的增加确实支持了消费。” 与此同时，低收入者则在寻求 “节省” 开支。</p>
</div><h3>STUDENT LOAN PROBLEMS</h3>
<div class="lb-trans"><h3>学生贷款问题</h3>
</div><p>The New York Fed data showed the rate of mortgages flowing into serious delinquency during the fourth quarter stood at 1.4%, up from 1.09% in the final three months of 2024. That figure compared with a 3.3% transition rate for all borrowing during the fourth quarter, which itself was up from the 1.7% rate during the final quarter of 2024.</p>
<div class="lb-trans"><p>纽约联邦储备银行的数据表明，第四季度流入严重违约的抵押贷款比例为 1.4%，高于 2024 年最后三个月的 1.09%。这一数字与第四季度所有借款的转化率 3.3% 相比，后者也高于 2024 年最后一个季度的 1.7%。</p>
</div><p>Total debt delinquencies “worsened” in the fourth quarter, with 4.8% of loans in some sort of trouble, the New York Fed said. Troubled loans in the third quarter stood at 4.5%. “We would characterize overall that delinquency rates have, especially for non-mortgage debt, that they’ve really stabilized or leveled off,” a New York Fed researcher said in a conference call to discuss the report. Student loans, however, continued to stand as the most challenged part of the household credit sector.</p>
<div class="lb-trans"><p>纽约联邦储备银行表示，第四季度的总债务违约情况 “恶化”，4.8% 的贷款处于某种困境。第三季度的困扰贷款比例为 4.5%。一位纽约联邦储备银行的研究人员在电话会议上讨论报告时表示：“我们总体上认为，尤其是非抵押贷款的违约率，实际上已经稳定或趋于平稳。” 然而，学生贷款仍然是家庭信用领域中面临最大挑战的部分。</p>
</div><p>The New York Fed said 9.6% of student loans are three months or more delinquent, “reflecting continued effects from the resumption of payment reporting following the extended pandemic forbearance period.” It also noted that the flow of student loans into serious delinquency stood at a heady 16.2%, versus 0.7% in the closing three months of 2024.</p>
<div class="lb-trans"><p>纽约联邦储备银行表示，9.6% 的学生贷款逾期三个月或更长时间，“反映了在疫情宽限期结束后恢复支付报告的持续影响。” 它还指出，流入严重违约的学生贷款比例高达 16.2%，而 2024 年最后三个月为 0.7%。</p>
</div><p>Total household debt levels stood at $18.8 trillion in the fourth quarter, up $191 billion, or 1%, from the prior quarter. Total borrowing for 2025 rose by $740 billion and was up $4.6 trillion since the close of 2019, before the pandemic struck. Student loan balances hit $1.7 trillion in the final three months of 2025, up $11 billion from the prior quarter. Credit card balances were $1.3 trillion, up $44 billion from the third quarter. Fourth-quarter auto loan balances were $1.7 trillion, up $12 billion from the third quarter.</p>
<div class="lb-trans"><p>第四季度家庭债务总水平为 18.8 万亿美元，比上季度增加 1910 亿美元，增幅为 1%。2025 年的总借款增加了 7400 亿美元，自 2019 年疫情爆发前以来增加了 4.6 万亿美元。学生贷款余额在 2025 年最后三个月达到 1.7 万亿美元，比上季度增加 110 亿美元。信用卡余额为 1.3 万亿美元，比第三季度增加 440 亿美元。第四季度汽车贷款余额为 1.7 万亿美元，比第三季度增加 120 亿美元。</p>
</div>

US household credit troubles worsened at end of 2025, New York Fed says

- 美国家庭债务在第四季度上升至 18.8 万亿美元，增加 1910 亿美元。  
- 低收入地区抵押贷款违约率上升，学生贷款违约率高达 9.6%。  
- 尽管整体违约率低，但整体信用问题略有增加。

纽约联邦储备银行称，美国家庭的信贷问题在 2025 年底进一步恶化