Total Consumer Debt Still Too High

A good piece today on all types of debt . While the emphasis is more on government debt, the point is made that consumers have not reduced their aggregate debt levels over the past few years (despite many reports that say otherwise). Credit card debt relative to incomes is slightly down (but incomes are slightly up) . Mortgage debt is essentially unchanged from the level 4 years ago but home equity is down by more than one-third. The premise of the article is correct- this level of debt overhang hinders flexibility and recovery.