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Household Debt Continues to Decline
Household Debt Continues to Decline
Household Debt Continues to Decline
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October 11, 2011 (Chris Moore)

American household debt declined at an annual rate of 0.5 percent in the second quarter of 2011, continuing a trend that started in the first quarter of 2008 according to the Federal Reserve’s latest Flow of Funds Report.

Home mortgage debt in the second quarter fell at an even faster pace, 2.5 percent, about the same pace that was observed in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.298 trillion in the second quarter of this year.

Total mortgage debt peaked a quarter earlier in 2008, reaching $10.611 trillion in the first quarter. Mortgage debt has also declined almost every month since then to $9.920 trillion by the end of the second quarter of this year.

The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, including auto loans and credit cards, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the second quarter of this year, that amount stood at $2.469 trillion.

Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

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FAST & EASY. DATA ENCRYPTED
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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

October 11, 2011 (Chris Moore)

American household debt declined at an annual rate of 0.5 percent in the second quarter of 2011, continuing a trend that started in the first quarter of 2008 according to the Federal Reserve’s latest Flow of Funds Report.

Home mortgage debt in the second quarter fell at an even faster pace, 2.5 percent, about the same pace that was observed in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.298 trillion in the second quarter of this year.

Total mortgage debt peaked a quarter earlier in 2008, reaching $10.611 trillion in the first quarter. Mortgage debt has also declined almost every month since then to $9.920 trillion by the end of the second quarter of this year.

The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, including auto loans and credit cards, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the second quarter of this year, that amount stood at $2.469 trillion.

Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

October 11, 2011 (Chris Moore)

American household debt declined at an annual rate of 0.5 percent in the second quarter of 2011, continuing a trend that started in the first quarter of 2008 according to the Federal Reserve’s latest Flow of Funds Report.

Home mortgage debt in the second quarter fell at an even faster pace, 2.5 percent, about the same pace that was observed in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.298 trillion in the second quarter of this year.

Total mortgage debt peaked a quarter earlier in 2008, reaching $10.611 trillion in the first quarter. Mortgage debt has also declined almost every month since then to $9.920 trillion by the end of the second quarter of this year.

The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, including auto loans and credit cards, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the second quarter of this year, that amount stood at $2.469 trillion.

Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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