The New York Fed's household debt and credit report is out and the headlines will focus on the continued deleveraging of US households. That is, total credit market debt owed by American families is shrinking. Its important to note, however, how its shrinking. The biggest driver is declines in total mortgage debt which fell roughly 100 Billion from last quarter to this one. This sounds like people are choosing to pay extra towards their mortgages or at least refraining from taking out home equit...
The New York Fed's household debt and credit report is out and the headlines will focus on the continued deleveraging of US households. That is, total credit market debt owed by American families is shrinking. Its important to note, however, how its shrinking. The biggest driver is declines in total mortgage debt which fell roughly 100 Billion from last quarter to this one. This sounds like people are choosing to pay extra towards their mortgages or at least refraining from taking out home equit...
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