by Calculated Risk on 2/14/2011 10:00:00 AM
Monday, February 14, 2011
NY Fed Q4 Report on Household Debt and Credit
From the NY Fed: New York Fed also releases Q4 2010 Quarterly Household Debt and Credit Report, which reveals lower debt levels in region
Here is the Q4 report: Quarterly Report on Household Debt and Credit. Here are a couple of graphs:
Click on graph for larger image in new window.
The first graph shows aggregate consumer debt is still declining. Debt is now down over $1 trillion from the peak in 2008. Note: This is a combination of writing down debt and consumers paying down debt.
From the NY Fed:
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. Household mortgage indebtedness has declined 9.1%, and home equity lines of credit (HELOCs) have fallen 6.5% since their respective peaks in 2008Q3 and 2009Q1. For the first time since 2008Q4, consumer indebtedness excluding mortgage and HELOC balances did not fall, but rose slightly ($7.3 billion or 0.3%) in the quarter.
From the NY Fed:
Total household delinquency rates declined for the fourth consecutive quarter in 2010Q4. As of December 31, 10.8% of outstanding debt was in some stage of delinquency, compared to 11.1% on September 30, and 12.0% a year ago. Currently about $1.2 trillion of consumer debt is delinquent and $902 billion is seriously delinquent (at least 90 days late or “severely derogatory”). Compared to a year ago, delinquent balances are down 13.9%, and serious delinquencies have fallen 12.1%.Still a long ways to go. There are a number of credit graphs at the NY Fed site.