The New York Fed just published its latest Quarterly Report On Household Debt And Credit.
“In Q1 2013 total household indebtedness fell to $11.23 trillion; 1.0% lower than the previous quarter and considerably below the peak of $12.68 trillion in Q3 2008,” said the New York Fed in a statement.
This suggests the deleveraging process that has been slamming the economy may not be over.
On the plus side, more Americans are staying current on their obligations.
“[D]elinquency rates for each form of household debt declined, with about 8.1% of outstanding debt in some stage of delinquency, compared with 8.6% the previous quarter,” they add.
Here’s a summary from the NY Fed:
- Outstanding student loan debt increased $20 billion to $986 billion.
- Total mortgage debt decreased to $7.93 trillion from $8.03 trillion.
- Auto loans increased $11 billion to $794 billion.
- Credit card balances decreased $19 billion to $660 billion.
- HELOC balances fell $11 billion to $552 billion.
- Mortgage originations rose for the sixth consecutive quarter, to $577 billion.
- 184,000 individuals had new foreclosure notations added to their credit reports, down 12.5% from the previous quarter, the fourth consecutive quarterly decline.
Here’s the NY Fed’s chart: