While household debt in the U.S. recently passed its pre-Great Recession peak, a report by the Federal Reserve Bank of St. Louis — in which Memphis is included — finds that current debt levels aren’t cause for alarm.
An increase in household debt in the U.S. can be a sign that a debt crisis is coming in the future. In the early to mid-2000s, easy access to home mortgages exacerbated the economic conditions that led to the recession.
