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)
“Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
—Camille Paglia (b. 1947)