Consumer Debt Rises; Foreclosures, Delinquencies Fall

Due to rising balances on mortgages, student loans and auto loans, total indebtedness increased by $127 billion, 1.1 percent, over the previous quarter, according to the New York Federal Reserve. A slowdown in foreclosures—the lowest level since the end of 2005—helped offset a drop in mortgage originations, as did a decline in balances on home equity lines of credit. Mortgage debt increased by $56 billion during the third quarter, student loan balances rose by $33 billion over Q3, as nationalmortgagenews reports, and credit card debt increased $4 billion. MHProNews has learned of all the household debt outstanding, 5.3 percent was 90 days or more delinquent in the third quarter, 2013, the lowest rate in five years.

(Image credit: mortgagecredit)

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