Households are paying down their debt, according to the New York Fed. In the second quarter of 2012, overall household debt fell by $53 billion to $11.38 trillion. Overall household debt has been falling since the third quarter of 2008. Behind the decline is lower mortgage balances.
Student loan debt, however, keeps rising. During the 2nd quarter of 2012, student loan debt grew by another $10 billion to $914 billion. Student loan debt now accounts for 8 percent of total household debt.
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