New York Federal Reserve: household debt exceeds 2008 levels
This week the New York Federal Reserve Bank reported the household debt in the US has exceeded the record during the financial crisis in2008, signaling a gradual long-term recovery in borrowing by consumers in the US. Households and consumers suffered during the recession, recovering to the point where they again qualify for loans. During this period, household debt reached almost US $13 trillion in Q1 of 2017, just beating the US $12 trillion peak of Q3 in 2008.
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