But credit card delinquencies cover just one kind of consumer debt. The New York Fed's report also showed that in the fourth quarter, total delinquencies were roughly stable. Balances that were 30 days late made up 1.1% of all balances in the fourth quarter, a hair above the cycle low of 1% recorded in Q1.
The cycle low is the low point in the cycle: 1.0%, recorded in Q1.
A hair above the cycle low is a quantity just a tiny bit higher than the cycle low—higher by the figurative width of a hair.