Data Source: Federal Reserve Board
The percentage of household debt dropped from 10.2% in 2006 to 6.8% in 2007. The decrease in household debt was due to slow growth of home mortgage debt. Even though household credit card debt increased an an annual rate of 4.0%, slow growth in home mortgage debt resulted in a percentage decrease.
Non-Financial Debt outstanding, end of 4th quarter 2007: $31.2 trillion broken down as follows:
- $13.8 trillion – Household debt
- $10.1 trillion – Non-financial business debt
- $ 7.3 trillion – Total government debt (State and Federal)