Introduction
Sign of the times in Miami: Delinquencies and foreclosures are on the rise nationwide because of rising interest rates and a stagnant housing market. (Getty Images/Joe Raedle)
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Despite an economic recovery in its sixth year, more American households are in debt now than at any point in the past 15 years, particularly the middle class. In fact, in the past several years household debt has risen faster than family income and, on average, exceeds annual income for the first time since the Federal Reserve started surveying consumer finances in the early 1980s. The explosion in debt — fueled largely by mortgage lending on residential housing that rose in value and then leveled off or declined — has some economists worrying that the next economic recession will be devastating to families that already owe so much. Others complain that state and federal governments are not protecting consumers from abusive credit card and payday-lending practices. But proponents of the expansion in consumer credit say it has helped to democratize homeownership and fuel the current economic expansion.
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Jul. 20, 2012 |
Debt Collectors |
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May 17, 2011 |
Future of the Euro |
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Oct. 10, 2008 |
Regulating Credit Cards |
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May 09, 2008 |
Financial Crisis |
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Mar. 02, 2007 |
Consumer Debt |
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May 26, 2006 |
Teen Spending |
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Nov. 19, 1999 |
The Consumer Culture |
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Nov. 15, 1996 |
Consumer Debt |
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Sep. 13, 1985 |
America in Debt |
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Jan. 25, 1980 |
Consumer Debt |
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Apr. 11, 1975 |
Consumer Credit Economy |
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Jan. 12, 1972 |
Directions of the Consumer Movement |
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Nov. 10, 1965 |
Personal Debt in a Consumer Economy |
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Jan. 02, 1957 |
Tight Credit |
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Feb. 10, 1956 |
Consumer Credit |
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Mar. 30, 1949 |
Installment Credit |
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Aug. 09, 1941 |
Restriction of Consumer Credit |
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Jan. 28, 1941 |
The Big Business of Making Small Loans |
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Jan. 17, 1934 |
Federal Credit Aid for Consumers |
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Jan. 01, 1930 |
Installment Buying, 1920–1930 |
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