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|
|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.