Just Released: Deleveraging Decelerates and Household Balances Increase
Donghoon Lee (),
Joelle Scally and
Wilbert van der Klaauw ()
No 20131114, Liberty Street Economics from Federal Reserve Bank of New York
Today, the New York Fed released the 2013:Q3 Quarterly Report on Household Debt and Credit. The data show the first substantial increase in outstanding balances since 2008, when Americans began reducing their debt. As of September 30, 2013, total consumer indebtedness was $11.28 trillion, up 1.1 percent from its level in the previous quarter, although still considerably below the peak of $12.67 trillion in 2008:Q3. This quarter, the increase was boosted by nearly across-the-board growth. Balances on mortgages, auto loans, student loans, and credit cards all increased. Balances on home equity lines of credit (HELOCs) were the only exception, with a $5 billion decrease. To better convey the implications of these balance changes, this post briefly updates our previous deleveraging analyses.
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