U.S. consumer debt declines for the first time in a year

U.S. consumer debt declines for the first time in a year

Bloomberg: Household debt dropped 0.2%, or $18 billion, to $11.63 trillion from January through March 2014.

“A slight decline in real-estate related balances, consistent with broader housing market developments, contributed to a flat quarter for total outstanding household debt,” Donghoon Lee, senior economist at the New York Fed, said in a statement. “Meanwhile, we observe continued strength in the auto loan market.”

While the total level of debt was $479 billion higher than a year earlier, it remains 8.2 percent below the peak of $12.68 trillion reached in the third quarter of 2008.

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