Debt Denial

Household Deleveraging and the Economic Recovery

Posted on Friday, December 17, 2010

Karen Dynan, Vice President and Co-Director, Economic Studies
The Brookings Institution

Statistics on household borrowing released today showed another decline in the third quarter. The ratio of household debt to after-tax income is now 1.22, down from a peak of 1.35 at the end of 2007, though still well above its level at the beginning of the last decade.

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