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