Economics at your fingertips  

The financial crisis at the kitchen table: trends in household debt and credit

Meta Brown, Andrew Haughwout, Donghoon Lee () and Wilbert van der Klaauw ()

Current Issues in Economics and Finance, 2013, vol. 19, issue April

Abstract: Since the onset of the financial crisis, households have reduced their outstanding debt by about $1.3 trillion. While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. An analysis of the New York Fed?s Consumer Credit Panel?a rich new data set on individual credit accounts?reveals that households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing. These household choices, along with banks? stricter lending standards, helped drive this deleveraging process.

Keywords: Consumer behavior; Debt; Households - Economic aspects; Financial crises; Mortgages (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10) Track citations by RSS feed

Downloads: (external link) (application/pdf) ... t_issues/ci19-2.html (text/html)

Related works:
Working Paper: The financial crisis at the kitchen table: trends in household debt and credit (2010) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Current Issues in Economics and Finance from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by ().

Page updated 2020-07-11
Handle: RePEc:fip:fednci:y:2013:i:april:n:v.19no.2