New York Fed Q3 Report on Household Debt and Credit Shows Continued Decline in Consumer Debt

November 8, 2010 – (RealEstateRama) — The Federal Reserve Bank of New York today released its Quarterly Report on Household Debt and Credit for the third quarter of 2010, which shows that consumer debt continues its downward trend of the previous seven quarters, though the pace of decline has slowed recently. Since its peak in the third quarter of 2008, nearly $1 trillion has been shaved from outstanding consumer debts