Households Continue To Trim Debt in Second Quarter

New York, NY, Aug. 18, 2010--American household debt was lower last quarter as consumers closed credit card accounts and took out fewer mortgages, according to a survey by the Federal Reserve Bank of New York.

Consumer indebtedness totaled $11.7 trillion at the end of June, a decline of 1.5% from the previous three months and down 6.5% from its peak in the third quarter of 2008.

Delinquency rates declined for the first time since early 2006, falling to 11.4% of outstanding debt from 11.9% on March 31.