90+ Day Delinquency On Student Loans Rises To $113B As Total Past Due Closes In On $1T
The 90+ day delinquency rate on student loan debt increased to $113 billion in fourth quarter 2012, according to a report released by the Federal Reserve Bank of New York.
The report shows that student loan debt increased by $10 billion in Q4, and now totals $966 billion, as of December 31, 2012.
The 90+day delinquency rate is 11.7 percent, amounting to $113 billion.
Total consumer debt increased by $31 billion to $11.34 trillion, breaking the downward trend recorded since fourth quarter 2008.
Mortgages are the largest component of household debt, accounting for $8.03 trillion.
The report states:
"Non-housing household debt balances increased for the third consecutive quarter and now stand at $2.75 trillion, up by 1.3% in the fourth quarter. All non-housing components increased, with auto loans up by $15 billion, student loans up by $10 billion, and credit card balances up by $5 billion."
Delinquency rates overall continue to improve with 8.6 percent of outstanding debt in some stage of delinquency. This compares to the 8.9 percent recorded in the third quarter of 2013.