Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
U.S. Household Debt Falls $13.5B In July
WEST CHESTER, Pa. (8/21/13)--Outstanding U.S. household debt declined $13.5 billion in July from June, according to CreditForecast.com.
 
The drop, down to $10.96 trillion last month, was caused by decreases in first-mortgage balances, said CreditForcast.com, a company that provides history and forecasts for a wide range of household credit, economic and demographic variables at a detailed level of geography (Equifax and Moody's Analytics Aug. 20).
 
Despite month-to-month fluctuations, outstanding debt has remained basically unchanged during the past year, increasing 0.4% since July 2012.
 
Also, the national delinquency rate climbed to 4.64% in July from 4.55% in June because of deterioration in auto loans, bankcard, mortgage and student-loan portfolios.
 
However, despite the deterioration, mortgage portfolios continue healing, said CreditForecast.com. The percentage of mortgages that were either delinquent by at least 120 days or in foreclosure dropped to 3.6%--the lowest level since October 2008, CreditForecast.com said.
 
The primary threat to a recovery in the consumer credit markets would be a rapid increase in interest rates, the company said.
RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
12 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
13 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
14 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
15 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
16 hours ago