Household debt and saving during the 2007 recession

摘要: Using credit report records and data collected from several household surveys, we analyze changes in debt saving during the 2007 recession. We find that, while different segments of population were affected distinct ways, depending on whether they owned a home, stocks, had secure jobs, crisis’ impact appears to have been widespread, affecting large shares households across all age, income, education groups. In response their deteriorated financial situations, reduced average spending increased saving. This increase - at least 2009 did not materialize through an contributions retirement savings accounts. If anything, such actually declined that year. Instead, higher rate reflect considerable decline debt, as paid down mortgage particular. At end 2009, individuals expected continue increasing paying which is consistent with what observed so far 2013 contrast, consumers pessimistic about availability credit, expecting it become harder obtain 2013.