Fed Data Shows 20% of U.S. Households Fell Behind on Loan Payments

The Federal Reserve’s Survey of Consumer Finances, released on October 9, found that nearly 20% of U.S. families were behind on loan payments in 2025, up from about 12% in the 2022 survey. The survey also showed the poorest quarter of households losing more than half of their net worth, falling from $3,800 to $1,700. Median wealth for Black families dropped 25% after a 60% gain in the 2022 survey.

Households using buy now, pay later services increased from 7% in the 2022 survey to 12% in the latest 2025 data, according to the Fed’s Survey of Consumer Finances. The survey covered the 2022‑2025 period, during which annual GDP growth averaged about 2.5% and the consumer‑price index rose 3.6% per year on average. While incomes rose for less‑well‑off Americans over the same timeframe, their net worth did not increase, leaving the poorest quarter of households with $1,700 in wealth compared with $3,800 in 2022. Consumers facing high financial stress were 6 percentage points more likely to have made their most recent grocery purchase online than those with low stress, with 16% versus 10% reporting online grocery purchases.

In the 2022 Survey of Consumer Finances, about 12% of families reported being behind on loan payments and 7% used buy now, pay later services. Median wealth for Black families had risen 60% in the 2022 survey before the latest decline. The survey’s release date was Friday, October 9, as noted in the Fed’s announcement.

What we know

Nearly 20% of families were behind on loan payments in 2025.
Loan delinquency rose from about 12% to almost 20%.
The poorest quarter of households saw net worth fall from $3,800 to $1,700, a decline of more than 50%.
Median wealth for Black families declined 25% after a 60% gain in the 2022 survey.
Households using buy now, pay later services increased from 7% to 12%.