The New York Fed just put out its latest report on household debt. It's a good, quick-ish look at the debt picture for ordinary Americans. Here's the key graph:
* Household debt is overwhelmingly about mortgages.
* Mortgage debt shot up during the housing boom, and has slowly — slowly — been falling for the past several years.
* The decline has been driven both by people paying off their mortgages and by people going through foreclosure. (Actually, that fact is shown by another graph.)
* Also, as you've probably heard: Student debt is rising.