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Consumer debt dips in third quarter: NY Fed

Consumer debt dips in third quarter: NY Fed (by Steve Goldstein)

WASHINGTON (MarketWatch) - Consumer debt declined slightly during the third quarter as Americans continued to deleverage in the wake of the housing crisis, according to a study released Monday. Aggregate consumer debt slipped 0.6%, or $60 billion, to $11.66 trillion, the New York Fed reported in its quarterly survey. About 10% of that debt is in some stage of delinquency, up marginally from 9.8% in the second quarter. Though the New York Fed has reported consumers reducing their debt balances since the third quarter of 2008, a change in methodology on how student loan balances are reported means the third-quarter data is only directly comparable to the second quarter. The New York Fed said it's working to revise earlier data.