NY FED: Total Consumer Debt Fell 1.1% Last Quarter

The New York Fed reports that total consumer debt fell 1.1 per cent to $11.53 trillion in Q4 of 2011.

Here’s a break down from the NY Fed’s press release:

  • Mortgage and HELOC balances on consumer credit reports fell $134 billion (1.6 per cent) and $12 billion (1.9 per cent) respectively.
  • Non-real estate indebtedness rose $20 billion (0.8 per cent) during the quarter, resuming a trend of increases.
  • Aggregate credit card limits rose by $98 billion (3.6 per cent), resuming the trend of increases observed in the first half of the year.Open credit card accounts increased by 3 million to 386 million.
  • Open credit card accounts increased by 3 million to 386 million.
  • Credit account inquiries within six months, an indicator of consumer credit demand, increased (2.7 per cent) for the third quarter in a row.
  • Roughly 289,000 individuals had a foreclosure notation added to their credit report in Q4, a 9.5 per cent increase from the third quarter.
  • Student loan indebtedness increased slightly, to $867 billion.

Photo: Federal Reserve Bank of New York

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