Search
 

Double Trouble With A Double Bubble?

HOBOKEN, N.J. -- While the housing bubble burst some time ago, it will lead to a second implosion soon, according to Richard D. Manning, director of the Center for Consumer Financial Service at the Rochester Institute of Technology.

By Donald Shoultz | Updated on July 15, 2008

HOBOKEN, N.J. — While the housing bubble burst some time ago, it will lead to a second implosion soon, according to Richard D. Manning, director of the Center for Consumer Financial Service at the Rochester Institute of Technology.

Since the early 1990s, the growth of U.S. household debt has soared to unprecedented levels, from less than $4.0 trillion in 1990 to over $13 trillion in 2008. During this period, home mortgage debt grew from a total of almost $2.5 trillion in 1990 to nearly $10.5 trillion today. Similarly, consumer revolving or credit card debt quadrupled from $239 billion to about $950 billion today.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.