This recession was a period of U.S. consumers paying off in debt in dramatic fashion. The first figure is consumer debt as a fraction of GDP by type over time: mortgage debt has declined precipitously, and the much-talked-about increase in student debt is a minuscule part of U.S. debt (click to enlarge).
Corrections also displays total consumer credit balance by delinquency status: while we've been paying off debt, a large fraction of debt remains delinquent (click to enlarge).
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