A Fantastic Overview Of What’s Happening To America’s Love Affair With Debt

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America’s love affair with a high personal debt balance sheet is continuing to abate, according to the latest report from the New York Federal Reserve.The report highlights how debt has declined for the last 7 quarters, and is now down $992 billion from its peak.

Things seem to be improving on debt front: delinquency rates are in decline, open credit accounts are in decline, and new foreclosures are also sliding.

All of this data is best visualized through the Fed’s charts, which show some improvements, but an ugly situation still in full force.

1. Debt is declining, but very slowly.

Debt is declining, but very slowly.

Image: New York Fed

2. Credit cards have seen the steepest decline since the recession.

Credit cards have seen the steepest decline since the recession.

Image: New York Fed

3. Account closures are starting to decline, while new opening are flat lining.

Account closures are starting to decline, while new opening are flat lining.

Image: New York Fed

4. Mortgages are still in decline, auto loans seeing an uptick.

Mortgages are still in decline, auto loans seeing an uptick.

Image: New York Fed

5. Credit limits are beginning to head up again.

Credit limits are beginning to head up again.

Image: New York Fed

6. While those current with payments is rising slowly, severely bad delinquencies remain high.

While those current with payments is rising slowly, severely bad delinquencies remain high.

Image: New York Fed

7. Student loans are seeing a continued rise in delinquencies, a sign the unemployment problem is hitting America’s graduates.

Student loans are seeing a continued rise in delinquencies, a sign the unemployment problem is hitting America's graduates.

Image: New York Fed

8. A small uptick in overall delinquencies, but not much since Q2.

A small uptick in overall delinquencies, but not much since Q2.

Image: New York Fed

9. A decline in serious delinquencies, however.

A decline in serious delinquencies, however.

Image: New York Fed

10. Foreclosures and bankruptcies both remain high.

Foreclosures and bankruptcies both remain high.

Image: New York Fed

11. Consumers in collections are continuing to rise.

Consumers in collections are continuing to rise.

Image: New York Fed

12. California still the worst, but New Jersey is rising.

California still the worst, but New Jersey is rising.

Image: New York Fed

13. It’s mainly about mortgages everywhere.

It's mainly about mortgages everywhere.

Image: New York Fed

14. Nevada has the biggest problem with serious delinquencies.

Nevada has the biggest problem with serious delinquencies.

Image: New York Fed

15. Mortgage debt late by state is improving everywhere.

Mortgage debt late by state is improving everywhere.

Image: New York Fed

16. Texas and Illinois are seeing slightly rising foreclosures.

Texas and Illinois are seeing slightly rising foreclosures.

Image: New York Fed

17. New bankruptcies have come down a bit in each state.

New bankruptcies have come down a bit in each state.

Image: New York Fed

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