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US Consumers Making Progress In Paring Debt

With the U.S. economy showing signs of life, here is another reason to think the recovery may be for real: Americans are making rapid progress shedding debt.
Since 2008, all types of U.S. private-sector debt — such as mortgage, credit card and corporate loans — have fallen as a percentage of the broader economy, the management consulting firm says in a new report. Household debt in the U.S. has fallen a total of $584 billion over the last four years, a 15 percent decline relative to people’s overall disposable income. Debt carried by businesses has also declined.