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:
“So then you are no longer strangers and aliens, but you are citizens with the saints and also members of the household of God, built upon the foundation of the apostles and prophets, with Christ Jesus himself as the cornerstone. In him the whole structure is joined together and grows into a holy temple in the Lord; in whom you also are built together spiritually into a dwelling place for God.”
—Bible: New Testament, Ephesians 2:19-22.
“Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.”
—Rutherford Birchard Hayes (1822–1893)