In a sign that Americans’ spending habits are shifting, household debt fell for the first time ever, based on data going back to 1952. According to a Federal Reserve report released Thursday, consumer debt fell an annualized $30 billion, or 0.8% in the third quarter to $13.91 trillion.
Think about that for a moment. In the 56 years that records have been kept, household debt has never declined in this country. Even now, there’s evidence that the current drop may not be due to consumer choice. USA Today writes:
The decline in household debt levels is evidence of the severe credit squeeze that is occurring as banks, saddled by billions of dollars of losses in mortgage debt, have tightened lending standards and made it harder for people to get loans.
In other words, it’s not the borrowers who are cutting back, but the lenders.
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