McKinsey_MGI
A ligher load for households
It has been a long slog for US households to rebuild tattered balance sheets, but there has been solid progress. A year ago, when we released our report Debt and deleveraging: Uneven progress on the road to growth bit.ly/wgNfRR, we noted that US households were making substantial progress in cutting debt loads. This January, we see that progress is continuing. Last year we estimated that US households had reduced debt by $584 billion through the second quarter of 2011. Now we estimate that mortgage and consumer debt have fallen by about $1.5 trillion from the peak in 2008.
A ligher load for households
It has been a long slog for US households to rebuild tattered balance sheets, but there has been solid progress. A year ago, when we released our report Debt and deleveraging: Uneven progress on the road to growth bit.ly/wgNfRR, we noted that US households were making substantial progress in cutting debt loads. This January, we see that progress is continuing. Last year we estimated that US households had reduced debt by $584 billion through the second quarter of 2011. Now we estimate that mortgage and consumer debt have fallen by about $1.5 trillion from the peak in 2008.