"The total debt held by American households reached a record in early 2017, exceeding its 2008 peak after years of retrenchment against a backdrop of financial crisis, recession and modest economic growth.
Much has changed over the past 8½ years.
The economy is larger, lending standards are tighter and less debt is delinquent.
Mortgages remain the largest form of household borrowing but have become a smaller share of total debt as consumers take on more automotive and student loans.
“The debt and its borrowers look quite different today,” New York Fed economist Donghoon Lee said.
He added: “This record debt level is neither a reason to celebrate nor a cause for alarm..."
“The debt and its borrowers look quite different today,” New York Fed economist Donghoon Lee said.
He added: “This record debt level is neither a reason to celebrate nor a cause for alarm..."
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