MarketWatch reporter Andrea Riquier wrote a great article last week, covering the New York Fed’s quarterly report. She makes a lot of great points, and the article is well worth the read. But my question is, where’s the debt? Overall debt is down from $12.68 to $12.12 trillion. But mortgage debt is down from $10 to $8.74 trillion. So, my question is, where’s the extra $700 billion in debt? It can’t be all in student loans, and I don’t think it’s in credit cards, but, wherever it is, while Americans may be building equity in their homes, they’re building debt somewhere else. And that might represent a liquidity problem in the not too distant future.