Keywords: Consumer credit, household debt, consumption, debt service burden
Abstract: Household debt is at a record high relative to disposable
income. Some analysts are concerned that this unprecedented
level of debt might pose a risk to the financial health of
American households and ultimately lead them to curtail their
spending. In this paper, I summarize some of the relevant
facts concerning the growth of consumer credit and the
household debt service burden, outline the results of the
research that has been conducted in this area, and look at the
questions that might be answered with additional research.
Full paper (2214 KB PDF)
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Last update: March 10, 2000