Yes, that headline is correct. U.S. household debt actually decreased in the third quarter of 2008the first time it has happened since the measurement started being tracked in 1952, according to The Wall Street Journal. While I knew that Americans have a grand propensity to spend freely, I certainly did not know that we have increased our debt load every quarter of every year for over 50 years.
I’m glad to see Americans can carry their debt.
I hope your saving for a downpayment on a Boston condo. Wishful thinking?