From the beginning of 1993 through the end of 1995, consumer indebtedness relative to income accelerated rapidly. It then stabilized for about two years before resuming an upward climb. This reacceleration of debt growth, topping levels that were already high by historical standards, is one of the few negatives in a long-running economic expansion.
Suggested citation: "Regional Conditions," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-10, pp. 13-14, 10.01.1999.