United States Risk Climate: Total Consumer Debt Fell In Third Quarter – Americans Remained Cautious

Posted by Joachim Bartels | Dec 10, 2012 | Consumer Credit Information, Equifax, Member, Member News, United States | 0 |

Equifax reports that across the USA, consumers remain cautious about taking on new debt. Overall consumer debt levels fell $256 billion in the third quarter versus the same period a year ago. However, the 2.28 percent year-over-year decline is the slowest rate of decline since the second quarter of 2009, showing that some of the caution may be starting to lift. U.S. consumers currently owe $11 trillion across all types of debt, with mortgage debt accounting for a little more than three-quarters of that amount. Mortgage debt fell 3.4 percent in the third quarter, compared to the same period a year ago. Non-mortgage consumer debt actually increased 0.7 percent.

The consumer debt trends look different for different parts of the country. Among the largest 25 metro areas, total consumer debt continued to decline in all but three markets versus the same time a year ago.

Source: Equifax Press Release

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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