U.S. consumer debt fell 0.6% Q/Q in Q3, to $11.66T, according to the NY Fed. Mortgage balances...

|By:, SA News Editor

U.S. consumer debt fell 0.6% Q/Q in Q3, to $11.66T, according to the NY Fed. Mortgage balances fell 1.3%, and new foreclosures fell 7%. However, the overall delinquency rate rose 20 bps, to 10%. An increase in credit account inquiries in spite of a decline in open accounts suggests tighter credit is playing a bigger role in curtailing consumer debt than deleveraging efforts.