Interesting article regarding consumer debt... it's doing the opposite to what people are thinking compare to the GFC.
"Since February, credit-card debt is down 17 per cent in Australia, 11 per cent in Canada and 14 per cent in Britain. In the eurozone, credit-card debt and other forms of revolving credit for households fell 5 per cent between February and June"
In the US, total outstanding credit-card debt fell by 11 per cent, or $US100bn, between February and the end of June, according to Equifax. April was the largest monthly drop in revolving credit on record,
During the 2008 financial crisis and other recessions, delinquencies rose when the unemployment rate increased. This time, the number of credit-card accounts in the US that are late on payments has fallen by more than a third, according to Equifax. Most lenders don’t include accounts that are in deferment in their delinquency rates.
$8 Party, page-564
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