Household debt down for 13th straight quarter

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Household debt down for 13th straight quarter (by Steve Goldstein)

WASHINGTON (MarketWatch) - Households reduced their debt in the third quarter for the 13th straight period as the housing market bust continues to reduce demand for mortgages. The Federal Reserve said Thursday in its massive flow-of-funds report that household debt fell at a seasonally adjusted annualized rate of 1.2%, as a 1.8% decline in mortgage debt offset a 1.2% gain in consumer credit. The mortgage debt decline came as consumers took out fewer mortgages, paid off or had debts forgiven. The corporate sector built on its record cash levels, up to $2.11 trillion from $2.07 trillion at the end of the second quarter.

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