A report out from the New York Federal Reserve shows that the amount of consumer debt has dropped since June 2010. As of June 30, 2011, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion (8.6%) from its peak level at the close of 2008Q3. Consumers’ non-real estate indebtedness now stands at $2.28 trillion, 9.5% below its 2008Q4 peak.
Aggregate credit card limits rose by $60 billion (2.1%) during the quarter, the second consecutive quarterly increase. About 199 million credit accounts were closed during the four quarters that ended June 30, while 168 million accounts were opened over the same period. Credit cards have been the primary source of the reductions in open accounts over the past two years, but during 2011Q2 the number of open credit card accounts jumped by 10 million, to 389 million. Nonetheless, the number of open credit card accounts on June 30 remained nearly 22% below its 2008Q2 peak and balances on those cards were nearly 20% below their 2008Q4 high.
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