Consumer borrowing fell slightly in the third quarter as Americans continued to shed their debt burdens in the face of a struggling economy.
Household debt totaled $11.66 trillion in the three months ending in September, down $60 billion from the previous quarter, according to a report released Monday by the Federal Reserve Bank of New York.
overall debt is declining, the number of people who are failing to keep up with their payments rose in the third quarter. The delinquency rate stood at 10% in the end of September, up from 9.8% in June. About $1.2 trillion of consumer debt is currently delinquent, according to the report.
Credit cards: Credit card debt fell slightly to $693 billion, a marginal change from last quarter. And the number of open credit accounts fell by 6 million, 23% down from its peak in 2008.
http://money.cnn.com/2011/11/28/news/economy/Fed_credit/index.htm?iid=HP_LN
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