Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw: “The New York Fed released the Quarterly Report on Household Debt and Credit for the third quarter of 2014 today. Balances continued to rise slightly, with an overall increase of $78 billion. The aggregate household debt balance now stands at $11.71 trillion, up 0.7 percent from the previous quarter, but still well below the peak of $12.68 trillion in the third quarter of 2008.  The report shows increases in all types of credit, except for home equity line of credit (HELOC) balances. Overall, it looks as if the trend of increasing household debt balances is continuing, and in this post, we further investigate the winding down of deleveraging.”