Wednesday, August 14, 2013

Total Household Debt Falls To Lowest Level Since 2006

From The Wall Street Journal, "Household Debt at Lowest Level Since 2006: Mortgage Balances Fall as Consumers Boost Spending, New York Fed Report Finds" by Eric Morath:
U.S. households are holding less debt and are behind on fewer bills than at any time since before the recession began, putting consumers on a sounder footing to support a stronger economic recovery.

Total household debt, including mortgages, credit cards and auto loans, fell by $78 billion in the second quarter to $11.15 trillion, the lowest level since 2006, according to a report released Wednesday by the Federal Reserve Bank of New York.

The amount of bills 30 or more days late fell by $3.3 billion during the quarter, also reaching the lowest level in seven years.

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