Household debt up for first time since recession
By Steve Goldstein
March 8, 2012, 12:00 p.m. EST
WASHINGTON (MarketWatch) - For the first time since the Great Recession, household debt saw a quarterly gain, according to Federal Reserve data released Thursday that shows American deleveraging has at the very least paused. Household debt edged up 0.3% in the fourth quarter, the Fed reported in its flow-of-funds report, as consumer credit surged an annualized 7%. Household debt had declined for 13 consecutive periods before the slender fourth-quarter advance. Mortgage debt fell 1.5%, which was the smallest decline since the end of 2009. The decline could come from some combination of declining mortgage activity, paying off mortgages, or banks forgiving debt. Corporate stockpiles of cash reached a record-high $2.23 trillion, up from $2.12 trillion in the third quarter and as little as $1.4 trillion in 2008.
http://www.marketwatch.com/story/household-debt-up-for-first-time-since-recession-2012-03-08
*****************************************************************
If Obama has been so bad for business in America, where in the hell did all that money come from?
OCU
| 