This is the debt that is the problem.
Over the past decade, household debt grew much faster than income. The ratio of household debt to annual disposable household income peaked at 160% in December 2007 and March 2008. The ratio decreased over the last three quarters, reaching 153% in December 2008.
Housing debt as a proportion of disposable income followed a similar pattern, and made up 87% of all debt in December 2008.
Household debt(a) to household income(b) ratios
Line graph: total debt and housing, December quarter 1998 to December quarter 2008
This is the debt that is the problem. Over the past decade,...
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