Business

Household debt falls $50 billion in second quarter

InternAdmin Contributor

U.S. household debt declined by 0.4 percent in the second quarter as mortgage and home equity line balances shrunk, according to a survey by the Federal Reserve Bank of New York.

Consumer indebtedness fell $50 billion from the end of March to $11.4 trillion on June 30, according to a quarterly report on household debt and credit released today by the district bank. Households have cut debt by $1.08 trillion, or 8.6 percent, from its peak in the third quarter of 2008 as the financial crisis escalated.

Full story: Federal Reserve Says Household Debt Declines by 0.4% in Second Quarter