A house of cards: current levels of household debt are unsustainable

As the Federal Reserve continues its "measured" interest rate increase, borrowers nationwide are bracing for the impact. Families are more burdened by debt than ever before, owing nearly $9 trillion in mortgages, car loans, credit card balances, home equity lines of credit, and other loans...

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Bibliographic Details
Published inDollars & Sense no. 257; p. 9
Main Authors Draut, Tamara, Scharf, Adria
Format Newsletter Magazine Article
LanguageEnglish
Published Somerville Economic Affairs Bureau 01.01.2005
Subjects
Company financing
Credit and debit card industry
Credit card industry
Credit cards
Economic policy
Federal Reserve banks
Finance
Home equity loans
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Summary:As the Federal Reserve continues its "measured" interest rate increase, borrowers nationwide are bracing for the impact. Families are more burdened by debt than ever before, owing nearly $9 trillion in mortgages, car loans, credit card balances, home equity lines of credit, and other loans-- more than $30,000 per person.
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ISSN:0012-5245