What debt delinquency on Long Island looks like

Debt delinquency – when a borrower misses due date payment – can have long-term effects on the borrower. The major one is a negative impact on their credit score.

“Consumers who become delinquent on one debt are 36 to 64 percent more likely to have a subprime credit score in three years and 33 to 56 percent more likely to have any other delinquency in three years.” – Urban Institute

Data from the Urban Institute shows that Long Island’s debt delinquency rate compares favorably to the state average.

Digging a little deeper, we can even examine specific types of debt such as medical, student loan or auto/retail debt.

Debt in collections

Nassau County Suffolk County New York State
Medical debt 3.12% 4.06% 6.48%
Student loan 5.38% 5.79% 8.83%
Auto/retail debt 1.60% 1.93% 2.64%
Credit card debt 2.21% 2.63% 3.00%

Across the various categories, Nassau County consistently has a lower percentage of debt in collections than Suffolk County. But overall, Long Island fares better than New York State.