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Open Credit Card Accounts Plunge 23.2% From 2008 Peak
August 17, 2010 10:31 AM
Today the New York Federal Reserve released the
quarterly report on household debt and credit
. The report paints a nice picture of households continuing balance sheet repair and reducing overall debt loads. Some nuggets:
Consumer credit is down 6.5% from the 2008 peak, and down 1.5% from the first quarter.
Overall, excluding HELOC and mortgage balances, consumer debt has fallen for six consecutive quarters.
272 million credit accounts were closed during the past year.
Although, the number of credit account inquiries ticked up for the first time since Q3 2007.
For the first time since early 2006, total household delinquency rates declined, fro 11.9% in Q1 to 11.4% in Q2.
Mortgage originations fell another 4.1% between Q1 and Q2, and although 20.6% above the low in Q4 2008, they're more than 50% below average levels between 2003 and 2007.
Among individual states, AZ, CA, FL and NV remain in worse shape than the national average with higher delinquency and foreclosure rates.
Number of Accounts by Loan Type
Number of Consumers with New Foreclosures and Bankruptcies
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