English: U.S. Changes in Household Debt as a percentage of GDP for 1989-2016. Homeowners paying down debt for 2009-2012 was a headwind to the recovery. This behavior tends to slow recoveries from financial crises relative to typical recessions.
Date
Source
Own work using FRED
Board of Governors of the Federal Reserve System (US), Households and Nonprofit Organizations; Credit Market Instruments; Liability, Level [CMDEBT], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CMDEBT
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