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CLLA NEWSWIRE | FROM THE CLLA NEWSWIRE
Student Loan Rises in Second Quarter
David Goch, Washington Legislative Counsel | August 19, 2013
U.S. consumers slightly reduced their debt in the second quarter of 2013 -- but student loan debt and payment delinquencies increased during the period, according to the Federal Reserve Bank of New York.
Student loan indebtedness was the second leading category of debt during the quarter, trailing only mortgages. Student indebtedness totaled $994 billion and accounted for 9 percent of all outstanding debt, a greater percentage of outstanding debt than auto loans ($814 billion, or 7 percent) or credit cards ($668 billion, or 6 percent), the report said.
Roughly 10.9 percent of student's loans were 90 days or more delinquent and students borrowed another $8 billion during the second quarter. Consumer debt peaked in the third quarter of 2008 at $12.68 trillion.
The Federal Reserve Bank of New York's quarterly report on household credit is available at http://www.newyorkfed.org/householdcredit/2013-Q2/index.html.
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