Consumer debt drops in 3rd qtr (but read details!)

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Consumer debt drops in third quarter (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Total consumer indebtedness dropped $74 billion to $11.31 trillion in the third quarter, a fall of 0.7%, on a decline in mortgage debt and home equity lines of credit, the New York Fed said Tuesday in its quarterly report. Excluding real estate, household debt rose 2.3% to $2.7 trillion on rises in student loans, auto loans and credit-card balances. New foreclosures are returning to their pre-crisis levels, as about 242,000 consumers had a new foreclosure added to their credit report, the lowest in nearly six years. The percent of student loan balances 90 or more days delinquent stood at 11.0%.

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