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:
“Men will not give up their privilege of helplessness without a struggle. The average man has a carefully cultivated ignorance about household matters—from what to do with the crumbs to the grocer’s telephone number—a sort of cheerful inefficiency which protects him better than the reputation for having a violent temper.”
—Crystal Eastman (1881–1928)
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)