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.
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.