American Consumer Debt Declines for First Time In a Year
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U.S. consumer debt fell last quarter for the first time in a year as mortgage originations slumped to the lowest level since 2000, the Federal Reserve Bank of New York said.
Household debt dropped 0.2 percent, or $18 billion, to $11.63 trillion from January through March, snapping the longest streak of consecutive quarterly increases since the third quarter of 2008, according to the New York Fed. Borrowing for cars and education increased, it showed.