- The New York Fed reports that the delinquency rate fell to 8.99% in the second quarter from 9.25% in Q1.
- It continues the trend from recent quarters as households deleverage and pay down debt.
- Overall consumer debt down 0.5% to $11.38 trillion.
You could argue that access to credit is constraining growth but the slow decline over the past three years is more consistent with balance sheet repair.
