Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt was a cause of the U.S. and European economic crises of 2007-2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.
Read more about Household Debt: Overview, Historical Perspective, Global Economic Impact, United States Household Debt Statistics, U.S. Economic Impact, Reducing Household Debt, Charts of U.S. Household Debt Variables, Household Over-indebtedness, External References
Famous quotes containing the words household and/or debt:
“Now, as always, the most automated appliance in a household is the mother.”
—Beverly Jones (b. 1927)
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)