Total Consumer Debt Holding Steady in Second Quarter

Consumer debt in the U.S. held steady in the second quarter of 2011, according to a recent report by the Federal Reserve Bank of New York.

Total consumer debt (including both real estate and other types of debt, like credit cards) on June 30 was approximately $11.4 trillion, representing a reduction of 0.4% ($50 billion) from the March 31 total. This is about 8.6% below the peak at the end of the third quarter in 2008.

The total delinquency rate for all consumer debt decreased for the sixth consecutive quarter. The delinquency rate stood at 9.9%, down from 10.5% on March 31 and 11.4% on June 30, 2010.

The number of open credit card accounts increased by 10 million, to 389 million. This is almost 22% below the peak in 2008.

About 2.2% of mortgages entered delinquency during the quarter, representing the third straight quarterly decline.