This is what $11.85 trillion worth of household debt looks like

Household debt in the US was unchanged at $11.85 trillion for the second quarter of 2015.

"Mortgages balances, the largest component of household debt, declined in the second quarter. Mortgage balances shown on consumer credit reports stood at $8.12 trillion, a $55 billion decline from the first quarter of 2015," according to the New York Federal Reserve's latest Household Debt and Credit Report.

"Balances on home equity lines of credit (HELOC) dropped by $11 billion, to $499 billion. Non-housing debt balances increased in the second quarter, by $67 billion, a 2% increase with gains in auto loans and credit card balances, of $38 and $19 billion respectively; student loan balances were flat."

Overall household debt remains 6.5% below its peak in the third quarter of 2008 of $12.68 trillion.

Furthermore, the NY Fed noted that "overall delinquency rates continued to improve in 2015 Q2. As of June 30, 5.6% of outstanding debt was in some stage of delinquency, compared with 5.7% in 2015Q1. Of the $668 billion of debt that is delinquent, $471 billion is seriously delinquent (at least 90 days late or "severely derogatory")."

And on top of that, about 255,000 consumers had a bankruptcy notation added to their credit reports this past quarter, which is 14% less than the second quarter in 2014.

Here are some additional highlights from the report:

Housing Debt

• Mortgage originations increased to $466 billion, the fourth consecutive increase after a 14-year low one year ago
• About 95,000 individuals had a new foreclosure notation added to their credit reports between April 1 and June 30, a new low in the 16-year history of the data.
• Mortgage delinquencies improved again, with the share of mortgage balances 90 or more days delinquent decreasing slightly; 2.5% of mortgage balances were 90+ days delinquent during 2015Q2, compared to 3.0% in the previous quarter.
• Although delinquency rates improved, delinquency transition rates show a mixed picture. There was a modest improvement in transition rates for mortgages in early delinquency, with 17.3% of 30-60 day delinquent mortgages transitioning to serious delinquency. Transition rates for current accounts worsened, though, with 1.2% of current balances transitioning to delinquency.

Student Loans, Credit Cards, and Auto Loans

• Outstanding student loan balances were essentially unchanged at $1.19 trillion as of June 30, 2015.
• Student loan delinquency rates increased. About 11.5% of aggregate student loan debt is 90+ days delinquent or in default in 2015Q2, from 11.1% in the first quarter.
• Auto loan balances reached $1 trillion, a $38 billion increase, with 3.4% of that balance 90 or more days delinquent.
• Credit card balances increased, to $703 billion; delinquency rates remained stable, with 8.4% of balances 90 or more days delinquent.

Credit Inquiries

• The number of credit inquiries within six months - an indicator of consumer credit demand - went up by 3 million from the previous quarter, to 173 million.