The NY Federal Reserve recently released its "Quarterly Report on Household Debt and Credit," (pdf) and here are some key points:
- Aggregate consumer debt continued to decline in the fourth quarter, continuing its trend of the previous two years. As of December 31, 2010, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion (8.6%) from its peak level at the close of 2008Q3, and $155 billion (1.3%) below its September 30, 2010 level. This was the lowest level of consumer debt in almost four years, since the first quarter of 2007 when household debt totaled $11.34 trillion.
- New delinquent loan balances dropped to $271 billion in the fourth quarter of 2010, the lowest level since the second quarter of 2007, three and-a-half years ago (see chart).
- New delinquent mortgage loan balances fell to $202.4 billion in the fourth quarter of 2010, the lowest level since $202 billion in the third quarter of 2007 (Click chart to expand).