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NEW YORK (CNNMoney.com) -- American households continued to pay off debt in the second quarter, although at a slower pace than before, according to a regional Federal Reserve report released Monday.
The Federal Reserve Bank of New York said nearly $1 trillion has been shaved from outstanding consumer debt since its peak in the third quarter of 2008.
In addition, total household delinquency rates fell for the second consecutive quarter. The report said 11.1% of outstanding debt was in some stage of delinquency at the end of Sept., compared to 11.4% on June 30, and 11.6% a year ago.
NEW YORK (CNNMoney.com) -- American households continued to pay off debt in the second quarter, although at a slower pace than before, according to a regional Federal Reserve report released Monday.
The Federal Reserve Bank of New York said nearly $1 trillion has been shaved from outstanding consumer debt since its peak in the third quarter of 2008.
In addition, total household delinquency rates fell for the second consecutive quarter. The report said 11.1% of outstanding debt was in some stage of delinquency at the end of Sept., compared to 11.4% on June 30, and 11.6% a year ago.
Combine that with the savings increases and you can see alot of people have gotten the message .
Yes, indeed. Debt taking was an epidemic of the 2000s. Consumer spending is a good thing as long as you do with money you already have, not with borrowed money. Even the Bible says so.
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