NY Fed: US consumers ease debt burdens
A New York Federal Reserve paper published in December shows US consumers are taking significant steps to reduce their mounting debt burdens.
Meta Brown, Andrew Haughwout, Donghoon Lee and Wilbert van der Klaauw, the paper's authors, use a sample of US consumer credit reports on individual and household debt to show the extent of the run-up in total consumer indebtedness between the first quarter of 1999 and the third quarter of 2010.
Brown, Haughwout, Lee and van der Klaauw show that after the
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