Americans are paying off their debts -- except for student loans.
The latest report from the New York Federal Reserve, the 2012 Q2 Quarterly Report on Household Debt and Credit, showed average household debt continues to fall as it has since 2008. Household debt is down nearly $1.3 trillion since its peak in the third quarter of 2008, according to the New York Fed. However, student loan debt continues to rise, increasing by $303 billion over the same period.
Outstanding student debt stood at $914 billion as of June 30, 2012, according to the New York Fed's report.
Delinquency rates also increased on student loans. The percent of student loan balances 90 or more days delinquent increased from 8.7 percent to 8.9 percent in the second quarter of 2012. According to the New York Fed, people in their 40s are more likely to be delinquent on their loan payments.
Student loan debt outpaces all other forms of consumer debt, but outstanding mortgage debt stands at $8.15 trillion, comprising 72 percent of all American household debt. Student debt takes up 8 percent at $914 billion. In 2005, overall student loan debt was $363 billion.
BEFORE YOU GO
Average Student Debt By State: