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Family debt falls to pre-recession levels

Home mortgages, credit card debt, and most other consumer liabilities have drifted back to 2006 levels.

After a long period of enforced frugality, U.S. families have cut their debts down to pre-recession levels, setting the stage for faster economic growth, said Moody’s Analytics this week. Home mortgages, credit card debt, and most other consumer liabilities have drifted back to 2006 levels, according to Moody’s, with the notable exception of student loans, which have skyrocketed in recent years. Consumers are also feeling more upbeat than they have in five years, said a recent survey, though many economists remain wary about the global economy. The International Monetary Fund has issued a pessimistic forecast, warning that risks of a major slowdown are “alarmingly high.” 

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