August 17, 2010 |
The debts of American households shrank for a seventh straight quarter, the Federal Reserve said Tuesday in a new report documenting how the easy-money boom has given way to a powerful contraction in borrowing. Total household debt has tumbled 6.5% from its peak in 2008, reflecting a retrenchment that has been both voluntary and involuntary. Credit card balances, for example, have declined in the last two years, but lenders slashed card limits even more sharply. Although the decline in indebtedness has improved Americans' personal balance sheets overall, it also has contributed to weak consumer spending, putting a drag on the economic recovery.
December 12, 2008 |
The American consumer's long-running love affair with debt appears to be on the rocks. But like a lot of soured romances, the reasons are open to debate. What's known is that the debt held by U.S. households shrank in the three months ended Sept. 30. That's the first time that has happened since the government began keeping records more than 50 years ago, the Federal Reserve said Thursday.
May 14, 2013 |
WASHINGTON -- American families reduced their debt load in the first three months of the year by 1%, bringing it down to pre-recession levels after an uptick in the last quarter of 2012, the Federal Reserve said Tuesday. Outstanding household debt, including mortgages, credit cards and auto and student loans, dropped to $11.23 trillion in the first quarter of the year. That was down $110 billion from the final three months of 2012 and well below the peak of $12.68 trillion reached in the fall of 2008, the Fed said.
December 9, 2005 |
The net wealth of American households rose in the third quarter of 2005 as real estate and financial assets gained value, but household debt grew at the fastest rate since 1987, the Federal Reserve said Thursday. In its quarterly Flow of Funds report, the central bank said household balance-sheet values rose to $51.09 trillion in the quarter, up from a revised $49.77 trillion in the second quarter. The second-quarter net worth was originally reported at $49.83 trillion.
December 6, 2012 |
Americans saw their wealth increase by $1.7 trillion in the third quarter ended in September, a promising sign in the thick of the holiday shopping season. Total household and nonprofit net worth - the difference between the value of assets and liabilities - climbed 2.7% to nearly $64.8 trillion from $63 trillion the previous quarter. A year ago, the gauge was at $58.7 trillion, according to a report Thursday from the Federal Reserve. Households enjoyed a $301 billion bump in the value of their real estate holdings; the value of stock investments increased as well.
June 6, 2003 |
Growth in non-financial debt slowed during the first quarter, reflecting smaller gains in borrowing by consumers, companies and governments, the Federal Reserve said. Non-financial debt, which excludes borrowing by banks, rose at a 6.5% annual rate during the quarter, the slowest in a year. In the fourth quarter, non-financial debt increased at an 8% pace. Household debt rose at a 10% pace in the first quarter after expanding at a 10.9% pace in the fourth quarter.