FIND A CLLA PROFESSIONAL | COMMERCIAL LAW WORLD MAGAZINE | MEMBER LOGIN | EVENTS | CONTACT US | LOG OUT
Dedicated to providing expertise, in-sights, and results to: Bankruptcy Attorneys, Credit and Collection Professionals & Alliance Partners

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

Introduction of Senate Bill 1540

Bankruptcy Filings for 12 Month Ending March 31, 2015 Down 12 Percent

FCC to Vote On Robocall, Text Proposal at June 18 Meeting

BREAKING: High Court Strengthens Bankruptcy Court Jurisdiction

Bankruptcy Filings for Period Ending March 31, 2015

Dems Offer Another Senate bill Seeking to Aid Employees

Cybercrime at Law Firms Triggers Ethical Duties to Report Hacking

FTC With NY AG and CFPB Plans Kickoff of Debt Collection Dialogues

Supreme Court Action on Bankruptcy Forms

CLLA Update GAO Report on Financial Company Bankruptcies

SEARCH NEWS ARCHIVES