Journal Article
Americans cut their debt
Abstract: The Great Recession brought an end to a 20-year expansion of consumer debt. In its wake is a lively debate about what caused the turnaround. Was it motivated by a decreased appetite for debt by consumers or an unwillingness to lend by banks? Our analysis of Equifax and Mail Monitor data shows that the major cause was most likely consumers.
Keywords: Households - Economic aspects; Debt; Consumer credit; Recessions;
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https://doi.org/10.26509/frbc-ec-201211
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2012
Issue: Aug
Order Number: 11