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U.S. consumer debt rises in third quarter by most since early 2008

Showed on Thursday U.S. household debt mount in the newest quarter by the majority in more than five years and the share of student loans in negligence hit a record high, data from the Federal Reserve Bank of New York.

Total consumer debt rose 1.1 percent to $11.28 trillion in the third quarter, the New York Fed said in its quarterly household debt and credit report. Since the first three months of 2008, that marked the biggest quarterly jump.

Since the housing disintegrate and financial crisis, and credit is well below the peak of $12.68 trillion in the third quarter of 2008, Americans have without fail deleveraged in the years.

However, the boost in the third quarter proposes that the deleveraging cycle may be approaching its end. Americans increased credit card balances, borrowed more to buy homes and cars and took on more student debt.

“This quarter we observed an increase of household balances across essentially all types of debt,” Donghoon Lee, senior New York Fed research economist, said in a statement. “With non-housing debt consistently increasing and the factors pushing down mortgage balances waning, it appears that households have crossed a turning point in the deleveraging cycle.”

The constant rise in student debt could be a reason for concern. In the third quarter, exceptional balances raised $33 billion to $1.03 trillion. A record 11.8 percent of loans were behind by 90 days or more, the New York Fed said, up from 10.9 percent in the second quarter.

Student debt is not to be discharged in current bankruptcy law, and economists agonize that delinquencies can lock people out of economic participation.

“Being delinquent hurts one’s credit rating, making it harder to buy a house and generally participate in a credit-driven economy,” said Michael Hanson, U.S. economist at Bank of America Merrill Lynch.

“But it’s hard to know how systemic a risk this is,” he said, noting the amounts on delinquent loans can vary widely.

The highest since the third quarter of 2007Auto loan balances bound by $31 billion, the 10th straight quarterly increase, and new loan originations increased to $97.4 billion reflecting a rebound in a key sector of the U.S. economy.

In general household negligence rates go down to 7.4 percent in the three months to September from 7.6 percent in the second quarter, lengthening a post-recession trend.

The report furthermore showed exceptional mortgage balances rose by $56 billion to $7.9 trillion, while 1.6 percent of existing mortgages chop down into delinquency, up from 1.5 percent the prior quarter.

Foreclosures, which have been waning since the second quarter of 2009, hit their lowest levels since the end of 2005. Temporarily, lenders made to some extent fewer mortgages with originations droppimg to $549 billion from $589 billion.