A recent report on cnnmoney.com stated that for the first time EVER, America's debts have gone down substantially. I find it really funny, being that for the first time EVER, I'm up to my eyelids in debt. Whatever, cnnmoney.com! Who says that's a credible source, anyway? Plus, the article does not really take into account how scared shitless everyone is that their money is going to evaporate faster than the foam off a cappuccino.
The story below:
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NEW YORK (CNNMoney.com) -- 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.
Americans saw their net worth decline by $2.8 trillion, or 4.7%, in the third quarter, dragged down by precipitous declines in home values and the stock market.
The net worth of U.S. households fell to $56.5 trillion at the end of September, according to the Federal Reserve's flow of funds report, which was released Thursday.
Home values declined by $347 billion in the quarter to $19.1 trillion. The net value of stock holdings for households fell $921.8 billion to $7.3 trillion
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You can see the original article here.
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