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Families Reduced Their Debt Load In 1Q To 2006 Levels

Wednesday, May 15, 2013 - 7:44 AM
From the LA Times:
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.

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Housing was a big driver in the improved balance sheets of U.S. households.
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pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
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