NEW YORK — After a stint of frugality, Americans have returned to their borrowing ways. But are they getting into the kinds of debt trouble that lead to recessions?
U.S. consumers now owe roughly $12.73 trillion to banks and other lenders for mortgages, car loans and credit card spending, according to the New York Federal Reserve. That exceeds even the total before the last financial crisis.
Economists generally say people’s willingness to borrow is a good thing, because it shows they’re more confident about their financial futures. And the economy is in far better shape than a decade ago, when economists called […] Read more