Deleverage? No, Default!
Posted on September 23rd, 2010
Many articles have been written in the past year about the decline in U.S. Household Debt.
This is something to celebrate, right? People are paying off their debt, right?
Wrong. It is almost scary how closely the decline in US Household debt correlates with the charge-offs of mortgage and consumer loans.
People are defaulting, not paying them off.
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