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Fed Report Shows Continued Decline in Consumer Debt
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO TAKE IT TO THE NEXT LEVEL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fed Report Shows Continued Decline in Consumer Debt
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fed Report Shows Continued Decline in Consumer Debt

November 28 2010 (Chris Moore)
debt-image
The Federal Reserve Bank of New York released its Quarterly Report on Household Debt and Credit this week for the third quarter of 2010. The report revealed that consumer debt continues its downward trend of the previous seven quarters, though the decline slowed in the last quarter.

Since the third quarter of 2008, consumers have shed a total of $1 trillion from outstanding consumer debt.

The report for the first time addressed the question of how this decline was achieved with the findings suggesting that consumers have been actively reducing their debts by paying them down and not just by defaulting.

According to data available through the end of 2009, the payoff of debt by consumers reduced their cash flow by about $150 billion. Even accounting for defaults and charge-offs, it was the first time since 2000 that non-mortgage debt has fallen. Consumers also paid down nearly $140 billion in mortgage debt from the beginning in 2008 through end-of-year 2009.

By contrast, between 2000 and 2007, borrowing had contributed more than $300 billion annually to consumers’ cash flow.

Donghoon Lee, senior economist in the research and statistics group at the New York Fed stated, “Consumer debt is declining but only part of the reduction is attributable to defaults and charge-offs. Americans are borrowing less and paying off more debt than in the recent past. This change, which we continue to study carefully, can be a result of both tightening credit standards and voluntary changes in saving behavior.”

The report also noted the following items:

– Household delinquent debt continues to decline and currently account for about $1.3 trillion or 11 percent of consumer debt, representing an 8.2 percent decline from a year earlier.

– The proportion of current mortgage balances that transitioned into delinquency rose slightly from 2.6 percent to 2.7 percent, after about a year of decline.

– About 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010, a 5.5 percent decrease from the second quarter and a 6.4 percent drop from a year earlier.

– The number of new bankruptcies noted on credit reports fell 16 percent from the previous quarter (from 621,000 to 522,000), but is 1 percent higher from a year earlier.

Tags: federal reserve, consumer debt, mortgage debt, non- mortgage debt, delinquent debt, payoff of debt, foreclosure notices, credit reports

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

November 28 2010 (Chris Moore)
debt-image
The Federal Reserve Bank of New York released its Quarterly Report on Household Debt and Credit this week for the third quarter of 2010. The report revealed that consumer debt continues its downward trend of the previous seven quarters, though the decline slowed in the last quarter.

Since the third quarter of 2008, consumers have shed a total of $1 trillion from outstanding consumer debt.

The report for the first time addressed the question of how this decline was achieved with the findings suggesting that consumers have been actively reducing their debts by paying them down and not just by defaulting.

According to data available through the end of 2009, the payoff of debt by consumers reduced their cash flow by about $150 billion. Even accounting for defaults and charge-offs, it was the first time since 2000 that non-mortgage debt has fallen. Consumers also paid down nearly $140 billion in mortgage debt from the beginning in 2008 through end-of-year 2009.

By contrast, between 2000 and 2007, borrowing had contributed more than $300 billion annually to consumers’ cash flow.

Donghoon Lee, senior economist in the research and statistics group at the New York Fed stated, “Consumer debt is declining but only part of the reduction is attributable to defaults and charge-offs. Americans are borrowing less and paying off more debt than in the recent past. This change, which we continue to study carefully, can be a result of both tightening credit standards and voluntary changes in saving behavior.”

The report also noted the following items:

– Household delinquent debt continues to decline and currently account for about $1.3 trillion or 11 percent of consumer debt, representing an 8.2 percent decline from a year earlier.

– The proportion of current mortgage balances that transitioned into delinquency rose slightly from 2.6 percent to 2.7 percent, after about a year of decline.

– About 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010, a 5.5 percent decrease from the second quarter and a 6.4 percent drop from a year earlier.

– The number of new bankruptcies noted on credit reports fell 16 percent from the previous quarter (from 621,000 to 522,000), but is 1 percent higher from a year earlier.

Tags: federal reserve, consumer debt, mortgage debt, non- mortgage debt, delinquent debt, payoff of debt, foreclosure notices, credit reports

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

November 28 2010 (Chris Moore)
debt-image
The Federal Reserve Bank of New York released its Quarterly Report on Household Debt and Credit this week for the third quarter of 2010. The report revealed that consumer debt continues its downward trend of the previous seven quarters, though the decline slowed in the last quarter.

Since the third quarter of 2008, consumers have shed a total of $1 trillion from outstanding consumer debt.

The report for the first time addressed the question of how this decline was achieved with the findings suggesting that consumers have been actively reducing their debts by paying them down and not just by defaulting.

According to data available through the end of 2009, the payoff of debt by consumers reduced their cash flow by about $150 billion. Even accounting for defaults and charge-offs, it was the first time since 2000 that non-mortgage debt has fallen. Consumers also paid down nearly $140 billion in mortgage debt from the beginning in 2008 through end-of-year 2009.

By contrast, between 2000 and 2007, borrowing had contributed more than $300 billion annually to consumers’ cash flow.

Donghoon Lee, senior economist in the research and statistics group at the New York Fed stated, “Consumer debt is declining but only part of the reduction is attributable to defaults and charge-offs. Americans are borrowing less and paying off more debt than in the recent past. This change, which we continue to study carefully, can be a result of both tightening credit standards and voluntary changes in saving behavior.”

The report also noted the following items:

– Household delinquent debt continues to decline and currently account for about $1.3 trillion or 11 percent of consumer debt, representing an 8.2 percent decline from a year earlier.

– The proportion of current mortgage balances that transitioned into delinquency rose slightly from 2.6 percent to 2.7 percent, after about a year of decline.

– About 457,000 individuals received home foreclosure notices on their credit reports between July 1 and September 30, 2010, a 5.5 percent decrease from the second quarter and a 6.4 percent drop from a year earlier.

– The number of new bankruptcies noted on credit reports fell 16 percent from the previous quarter (from 621,000 to 522,000), but is 1 percent higher from a year earlier.

Tags: federal reserve, consumer debt, mortgage debt, non- mortgage debt, delinquent debt, payoff of debt, foreclosure notices, credit reports

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS