Paying Down Debt, Reducing New Borrowing, and Stricter Lending Standards Drive Household Deleveraging
In this New York Fed study, The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit, the authors reveal that households actively reduced their obligations during this period by paying down outstanding debts and reducing new borrowing.
http://www.newyorkfed.org/newsevents/ne ... 30422.html
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