US debt and delinquency exceed pre-crisis levels – research

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Total household debt in the US has surpassed a peak of $12.7 trillion recorded during the financial crisis, and now stands at $12.8 trillion. A paper published by the Federal Reserve Bank of Dallas analyses what it means for the US economy.

In What’s Driving Household Debt?, Preston Ash, Lexie Ford and Thomas Siems investigate the levels and composition of private debt in the US.

Private debt increased sharply amid rising mortgage approvals in the five years prior to the crisis, 2003–08, the

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