Consumer Debt Decreases

Total consumer debt fell 0.7% from the first quarter of 2013 to the second quarter according to the New York Fed’s quarterly household debt and credit report. Household delinquency rates decreased from 8.1% in the first quarter to 7.6% in the second. Meanwhile, student loan debt and auto loan debt increased for the ninth consecutive quarter. Fed research economist, Andrew Haughwout said, “although overall debt declined in the second quarter, households did increase non-housing debt, led by rising auto loan balances.” More here

Leave a Reply

Your email address will not be published. Required fields are marked *