FIND A CLLA PROFESSIONAL | COMMERCIAL LAW WORLD MAGAZINE | MEMBER LOGIN | EVENTS | CONTACT US

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.

 

More From the CLLA Newswire

Nine Constitutional Amendments To Be Voted On In Chicago

CLLA Update: IRS Ends Involvement in Special Assistant Program for Bankruptcy Cases

**National Convention Registration Closes in Less Than A Week!**

CLLA Update: CFPB Reports Increases in Complaints Under Expanded Consumer Response System

CLLA Update: FTC Plans Review of Financial Institution Data Security Standards

Register Today for the National Convention and Midwest Meeting!

Why You Should Consider E-mail Marketing: A Chicago National Convention Speaker's Perspective

CLLA Update: Bankruptcy Filings Lowest Since 2008

CFPB's Debt Collection Activity Summary Reveals Information on Recent Cases

CLLA Update: Banks Urge CFPB to Focus FDCPA Update on Debt Collection Firms

SEARCH NEWS ARCHIVES