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Household Financial Distress and Household Deleveraging
Deleveraging may be caused by a declining willingness by households to borrow instead of a tightening of borrowing constraints.
The Deleveraging of U.S. Households: Credit Card Debt over the Lifecycle
Individuals younger than 46 deleveraged the most after the financial crisis of 2008.
District Households Buck the Trend to Pay Down Debt
While at a national level households have decreased their debt substantially since the financial crisis, in the St. Louis Fed?s District household debt has remained constant. The evolution of house prices may be the key.
The Dynamics of Mortgage Debt in Default
Rapid declines in house prices, negative home equity, and the number of households in default all contributed to the dramatic increase in mortgage defaults during the Great Recession.