Extra credit if you can rank them from highest to lowest

Answer: 

1. Student loan 
2. Auto loan
3. Credit Card 

Questions:

1. Which type of credit has grown the fastest over the last 20 years? Why do you think this is the case?
2. Using the chart, estimate the growth rate for non-housing debt over the last 20 years.
3. When do you see dips in non-housing debt? Why might that be?
4. Write a one sentence summary for this graph.

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Federal Reserve Bank of NY): 

"Credit card balances, which now total $1.21 trillion outstanding, grew by $45 billion during the fourth quarter and are 4.0% above the level a year ago. Auto loan balances rose by $11 billion, and now stand at $1.66 trillion. Other balances, which include retail cards and other consumer loans, grew by $8 billion. Student loan balances grew by $9 billion, and now stand at $1.62 trillion. In total, non-housing balances grew by $73 billion, a 1.5% rise from 2024Q3.

About the Author

Kathryn Dawson

Kathryn (she/her) is excited to join the NGPF team after 9 years of experience in education as a mentor, tutor, and special education teacher. She is a graduate of Cornell University with a degree in policy analysis and management and has a master's degree in education from Brooklyn College. Kathryn is looking forward to bringing her passion for accessibility and educational justice into curriculum design at NGPF. During her free time, Kathryn loves embarking on cooking projects, walking around her Seattle neighborhood with her dog, or lounging in a hammock with a book.