When looking at a chart of U.S. household debt, one can’t help but be struck at how well American households have managed the post-Global Financial Crisis era.
In December 2007, the point at which the U.S. National Bureau of Economic Research began the ‘Great Recession’, total household debt to GDP stood at 100.2% of GDP.
In the almost 18 years since, American households have been dutifully reducing their debt burden, with the latest snapshot from the IMF revealing that America’s household debt-to-GDP ratio had fallen to 68.5%.
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