Alternate titles: Frugality is the new black. Frugality is the new frugality. Americans discover thrift. Etc.

From the FT on Friday:

Americans reduced their household debt for the first year on record last year as they aggressively cut back on spending to cope with the recession, Federal Reserve figures showed

US household debt contracted by 1.75 per cent in 2009, according to the closely watched “flow of funds” data. It was the first annual decline since the Fed began tracking household borrowing in 1946 and marks a sharp shift from the euphoric borrowing that led to the recession.

Related links:
US consumer confidence *fail* – FT Alphaville
US consumers’ credit problem – FT Alphaville
US consumers increasingly worried about their finances – FT Alphaville
[Wilmot on AV] False idols: are US consumers really over leveraged? – FT Alphaville

This entry was posted by Stacy-Marie Ishmael on Friday, March 12th, 2010 at 20:42 and is filed under Capital markets. Tagged with consumer credit, us, us consumers, usa. Edit this entry.