A series of big, bold charts accompanies the latest report on consumer debt in the US by the New York Fed (via Alea, also discussed here). The report contains plenty of interesting data about the ongoing deleveraging of American households. As of the end of September, total indebtedness is down by 7.4% from its peak value two years earlier. The distaste for new debt is underscored by trends in mortgage originations, which are running at 50% of their 2003-07 average, and credit cards, which have seen a net 120m accounts—one hundred and twenty million—closed since mid-2008.

Advertisements