Consumer Debt and Bankruptcy
After rising at a breakneck pace early in the current economic expansion, total consumer debt burdens seem to have leveled off and even to have dropped over the last couple of years. Furthering this impression that household financial conditions are more stable than in the recent past, credit card delinquency rates have dropped sharply over the last 12 months, while delinquency rates on mortgages and other consumer installment loans have stayed relatively constant.
Suggested citation: “Consumer Debt and Bankruptcy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 16-17, 07.01.1998.