Monday, September 19, 2011

Household Debt and Wealth Both Fall in Second Quarter

The level of U.S. household debt compared with after-tax income fell in the second quarter to the lowest level since 2004, according to data released on Friday. This may mark the continuation of a trend that could lay the foundation for greater consumer spending.

A Federal Reserve report showed that household mortgage debt fell while after-tax income rose in the second quarter. However, consumer credit, which accounts for a smaller portion of household balance sheets, rose.

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