The New York Fed Explains America’s Progress In The War Against Debt

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[credit provider=”New York Fed” url=”http://www.newyorkfed.org/newsevents/news/regional_outreach/2011/an110509.html”]

The deleveraging process is slowing and U.S. consumers are starting to take on more debt, according to the latest quarterly credit report from the New York Fed.The data from Q1 2011 shows consumers are agressively cutting credit card debt, down by 4.6% in the quarter, and improving their overall financial health, with foreclosures, bankruptcies, and delinquincies all down.

Overall, this report shows a stabalization in conditions. It may not seem positive at first, but with many believing housing still has some way to dip, and the deleveraging process some way to go, it may a short improvement before things get worse.

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title=”Deliquencies are down in most categories”
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title=”Californian debts per capita remain high, while Nevada is sliding and New Jersey is holding firm”
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title=”California, Nevada, and New Jersey retain the largest amount of mortgage debt per person”
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title=”Don’t believe the deleveraging process is over?”
content=”Here’s Brookings awesome presentation on why the monster deleveraging wave still has a long way to go >
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