Photo: New York Fed
America’s love affair with a high personal debt balance sheet is continuing to abate, according to the latest report from the New York Federal Reserve.The report highlights how debt has declined for the last 7 quarters, and is now down $992 billion from its peak.
Things seem to be improving on debt front: delinquency rates are in decline, open credit accounts are in decline, and new foreclosures are also sliding.
All of this data is best visualized through the Fed’s charts, which show some improvements, but an ugly situation still in full force.
Student loans are seeing a continued rise in delinquencies, a sign the unemployment problem is hitting America's graduates.
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