Americans taking on less debtNews added by ProWEB Media on June 24, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

U.S. consumers are taking on less debt than they did before the recession, while fewer consumers are falling behind on their loans, according to Equifax and Reuters.

Delinquency rates on mortgages, home equity loans, and credit cards all fell in May for the fourth consecutive month.

Meanwhile, student loans delinquency continued to rise, with 11.4 percent of students at least 60 days late on their loans, up 1.6 percent from April and 4.7 percent year-over-year.

Delinquency on bank-issued credit cards fell to 1.8 percent, down 7 percent from April and 22 percent year-over-year.

In May, outstanding balances on bank-issued credit cards fell 13.2 percent to $726 million.

Finally, total U.S. consumer balances have fallen by $690.5 billion, or 6 percent, from their peak of $11.5 in October 2008, and are currently at their lowest levels since August 2007.
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