Americans cut their debt

The Great Recession brought an end to a 20-year expansion of consumer debt. In its wake is a lively debate about what caused the turnaround. Was it motivated by a decreased appetite for debt by consumers or an unwillingness to lend by banks? Our analysis of Equifax and Mail Monitor data shows that the major cause was most likely consumers.

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Year of publication:	2012
Authors:	Demyanyk, Yuliya ; Koepke, Matthew
Published in:	Economic Commentary. - Federal Reserve Bank of Cleveland. - 2012, Aug, 11
Publisher:	Federal Reserve Bank of Cleveland
Subject:	Households - Economic aspects \| Debt \| Consumer credit \| Recessions

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010726428