As the economy has slowly improved, consumers have begun to pay down their debts. According to Equifax, mortgage debt declined 3.4 percent on a year-over-year basis in the third quarter.
However, mortgage debt still accounts for more than three quarters of the $11 trillion that U.S. consumers owe across all debt types. Compared to a year ago, non-mortgage debt increased 0.7 percent.
"Different parts of the country are at different stages of economic recovery, and that is reflected in how consumers feel about taking on more debt," said Trey Loughran, president of the personal solutions unit at Equifax.
Total consumer debt declined in all but three markets studied by Equifax. Meanwhile, both Las Vegas and Miami-Fort Lauderdale saw significant declines in mortgage debt.
Many consumers have been able to reduce their mortgage debt through refinancing. According to Freddie Mac, 29 percent of borrowers who refinanced in the third quarter were able to reduce their principal balance. Additionally, 54 percent were able to maintain the same amount of debt through a refinance.