This morning, the WSJ.com reported “Families Slice Debt to Lowest in 6 Years”. The title is far from good news. Even though Americans have less debt they certainly aren’t feeling richer. Most of the reduction is from defaults on mortgages and credit cards. Not exactly the desired path most of us associate with financial independence. According to the article, combined mortgage and credit card defaults account for over half the total $208.8 billion drop in household debt.
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