The New York Fed reported results of its quarterly survey for household debt this morning and found households across the nation have continued to deleverage, with much of that coming from reductions in mortgage debt.
Overall, the situation appears better than a year ago and at the peak of indebtedness in 2008, but with the per capita debt load of more than $36,000. Median household income in the U.S. in 2010 was $50,022.
The first quarter report said total consumer debt stood at $11.44 trillion in March of this year, down $100 billion from December 2011. The NY Fed said mortgage debt was down $81 billion in that time, but its not clear how much is due to people paying down debt or completed foreclosure.
The Fed did say about 291,000 Americans had a foreclosure notation added to their credit history in the first quarter of this year. And there were 371,000 new bankruptcies filed.
Student loan debt, however, continued to rise in the quarter up to $904 billion, a 3.4 percent increase over the fourth quarter of 2011.
Total household delinquency rates also trended down with 9.3 percent of consumer debt now delinquent compared to 9.8 percent in the fourth quarter of 2011. About $1.06 trillion in debt is delinquent.
Here’s the full report.