U.S. consumer debt dropped in the last quarter for the first time in a year as mortgage originations fell to the lowest mark since 2000, according to the Federal Reserve Bank of New York's latest quarterly report.

Household debt dropped 0.2%, or $18 billion, to $11.63 trillion from January through March, snapping the longest streak of quarterly increases since the third quarter of 2008, according to the New York Fed. Borrowing for cars and education increased, it showed.

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