Consumer Credit: First Total Household Credit Growth Since 2008

February 28th, 2013
in econ_news, syndication

Econintersect: Household debt outstanding rose by $31 billion in quarter four of 2012. So what, you might ask.  Household debt had been falling steadily since the second half of 2008, and is currently $1.3 trillion below its 2008 peak. Econintersect reports consumer credit sans mortgages monthly - and consumer credit (revolving and non-revolving) trough was in late 2010.

Now, in late 2012 we are seeing the trough for total household debt of all types including mortgages caused by the stabilization of mortgage debt.

Follow up:

the good news is that household debt deliquency is also improving - except for student loans whose 90+ day delinquency rate continues to rise and now stands at 11.7%.

And a final graph with shows foreclosures and bankrupcies are slowing.


sources: NY Fed, NY Fed, NY Fed



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