According to a report from the New York Federal Reserve which
looks at mortgages, home equity lines, credit cards and auto
loans by consumers nationwide, found that total consumer debt
increased slightly in the first quarter of this year, ending a
string of nine consecutive declining quarters. In addition,
banks are becoming more willing to lend than in recent years, as
there was an increase in credit limits, by about $30 billion or
1%, the first such gain since the third quarter of 2008. There
were 368,000 new foreclosures during the quarter, a 17.7% decline
from the fourth quarter of 2010, and new bankruptcies fell 13.3%
during the quarter, to 434,000.
Mortgage originations increased for a third consecutive quarter,
to $499 billion. That put new mortgages 65% above their low point
at the end of 2008, and 31% above their level of a year ago.
Total consumer indebtedness in the first quarter of 2011 was
$11.5 trillion, still 8.2% below its peak at the end of September
2008, just after the collapse of Lehman Brothers and the seizing
of financial markets. And consumers and banks continued to cut
back on credit cards, as about 195 million credit accounts were
closed during the 12 months that ended March 31, while just 166
million accounts were opened over the same period.
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