Household debt and personal bankruptcies are reaching record highs despite low interest rates and rising real estate values. Median mortgage debt for low-income families has tripled since 1989, while total household debt has risen to over 80 percent of GDP, up from only half in 1980. It appears American families are borrowing more than ever just to make ends meet, buy a house, or educate their children. Life and Debt looks at how families are becoming more indebted, and what some of the harmful consequences might be.
Tags: household debt, bankruptcy
Life and Debt: Why American Families are Borrowing to the Hilt
Household debt and personal bankruptcies are reaching record highs despite low interest rates and rising real estate values. Median mortgage debt for low-income families has tripled since 1989, while total household debt has risen to over 80 percent of GDP, up from only half in 1980. It appears American families are borrowing more than ever just to make ends meet, buy a house, or educate their children. Life and Debt looks at how families are becoming more indebted, and what some of the harmful consequences might be.
Tags: household debt, bankruptcy