Newsflash: Americans are still up to their neck in debt.
A new study survey form the NY Fed shows that while Americans continue to reduce debt — what economists call deleveraging — there’s still a long way to go.
From the report (via Calculated Risk):
Aggregate consumer debt fell approximately $60 billion to $11.66 trillion in the third quarter of 2011 according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit. Total consumer indebtedness decreased roughly 0.6 per cent from revised second quarter findings of $11.72 trillion.1 The newly issued report also presents information on various aspects of consumer debt, including continuing and emerging trends for mortgage balances, delinquencies, foreclosures and other consumer credit activity.
The NY Fed has published a series of big, clear charts showing exactly how much debt Americans are still walking around with.
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