US DATA: NY Fed report says “Aggregate consumer debt fell $126
billion to $11.53 trillion in the fourth quarter of 2011 according to
the Federal Reserve Bank of New York’s latest Quarterly Report on
Household Debt and Credit, a 1.1% decrease from the $11.66 trillion
reported in the prior quarter’s findings. The report, which includes
data on a variety of household debt levels, also revealed further
declines in real estate debt and delinquencies, while showing that other
forms of consumer indebtedness increased. Mortgage and home equity lines
of credit (HELOC) balances fell a combined $146 billion, a sign that
consumers continue to reduce housing related debt. After a mild uptick
in the third quarter, total household delinquency rates resumed their
downward trend in the fourth quarter. The report finds that $1.12
trillion of consumer debt (or 9.8% of outstanding debt) is currently
delinquent, with $824 billion seriously delinquent (at least 90 days
late). Meanwhile about 2.2% of mortgage balances transitioned into
delinquency in Q4.”