The New York Federal Reserve released its quarterly report on US household credit and debt for Q4 2013
Delinquency rates improved for most loan types in 2013Q4. As of December 31, 7.1% of outstanding debt was in some stage of delinquency, compared with 7.4% in 2013Q3. About $820 billion of debt is delinquent, with$580 billion seriously delinquent (at least 90 days late or “severely derogatory”).
Delinquency transition rates for current mortgage accounts are near pre-crisis levels, with 1.48% of current mortgage balances transitioning into delinquency. The rate of transition from early (30-60 days) into serious (90 days or more) delinquency dropped, to 20.9%, while the cure rate–the share of balances that transitioned from 30-60 days delinquent to current–improved slightly ,rising to 26.9%.
Mortgage debt is $8.58 trillion which is about 8 times the student loan debt of $1.08 trillion.
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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