Concerns over consumer debts have abated lately as credit growth has slowed and the U.S. economy has improved. Trouble could still be lurking.

The New York Federal Reserve’s quarterly report on household debt earlier in May showed total consumer debt grew by 3.8% from a year earlier in the first quarter, significantly slower than the average 4.5% over the previous four quarters, thanks largely to a pullback in auto loans. Overall delinquency rates also declined slightly because of improvements in student loans and mortgages.

...