Free Consultation. Call or Chat 24 hours a day. If you have already met with one of our attorneys or
paralegals, please contact them directly or use the Current Client portal.

Simon, Fitzgerald, Cooke, Reed and Welch
Louisiana's Oldest Bankruptcy Law Firm
Free Consultation 888-341-8091
click here for Free Case Evaluation

Shreveport Bankruptcy Law Blog

Increasing household debt in US reaches level of 2008

A new report from the Federal Reserve Bank of New York shows that American households have accumulated the amount of debt that they held during 2008. In that unfortunate year, when the Great Recession hit, American households held about $12.68 trillion in debt. Now, nearly ten years later, American households hold about $12.73 trillion in debt. What may surprise you is that this time around, there isn't much fear of a collapse nor does it seem like this is necessarily a sign of bad things to come.

From 2008 to 2013, household debt steadily declined as people tightened up financially and did what they could to shed debt. Since 2013, household debt has been increasing. Of the debt that American households now carry, about 71 percent of it is in housing (such as mortgages and home equity loans.