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:
“I am an inveterate homemaker, it is at once my pleasure, my recreation, and my handicap. Were I a man, my books would have been written in leisure, protected by a wife and a secretary and various household officials. As it is, being a woman, my work has had to be done between bouts of homemaking.”
—Pearl S. Buck (1892–1973)
“... the novel, as a living force, if not as a work of art, owes an incalculable debt to what we call, mistakenly, the new psychology, to Freud, in his earlier interpretations, and more truly, I think, to Jung.”
—Ellen Glasgow (1873–1945)