Consumer Borrowing Down in Third Quarter

New York, NY, Nov. 29, 2011 -- Consumer borrowing declined slightly in the third quarter, according to the Federal Reserve Bank of New York.

Household debt totaled $11.66 trillion in the three months ending in September, down $60 billion from the previous quarter.

"The decline in outstanding consumer debt reveals that households continue to try and deleverage in the wake of a challenging economic environment and large declines in home values," said Andrew Haughwout, vice president in the Research and Statistics Group at the New York Fed, in a press release.

However, the number of people who are failing to keep up with their payments rose in the third quarter. The delinquency rate stood at 10% in the end of September, up from 9.8% in June.