Household Debt Is Up, And So Is Optimism
Americans have now borrowed more money than they did at the height of the credit bubble in 2008, just as the global financial system began to fall apart. Total household debt had reached a new peak — $12.7 trillion — in the first three months of the year, according to the Federal Reserve Bank of New York. The debt level shows that many Americans who struggled during the recession have sufficiently repaired their credit to qualify for loans. It also speaks to growing optimism among lenders about economic growth.