期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2014
出版社：Federal Reserve Bank of St. Louis
摘要：U . S. households started a deleveraging process as soon as t he Great Reces- sion began, which was in late 2007. They continued along t his pat h until mid-2010. Among the different ty pes of consumer debt (auto loans, credit card, student loans), t his trend of pay ing down debt was particu larly st riking for credit card debt. Research on t he reasons behind this t rend is ongoing. 1 The increased risk during the crisis could have motiv ated fi nancial instit ut ions to extend less credit, but hou sehold s also could have had a reduced w illingness to borrow. This article documents how the deleveraging pro- cess regarding credit card debt varies across households wit h different backgrounds. It also decomposes changes across the varia- tions in the share of people in debt (called "the extensive margin") and changes in the amounts of debt held by borrowers ("inten- sive margin").
