The Rise in U.S. Household Indebtedness
Federal Reserve vice chairman Donald L. Kohn and Karen E. Dynan, a Fed economist, have written a paper titled "The Rise in U.S. Household Indebtedness: Causes and Consequences" (PDF) that, according to David Leonhardt writing for the New York Times, "says that consumer debt soared over the last six years mainly because of the rapid increase in housing prices. The research suggests that consumer spending may slow down over the next few years."
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