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Local people were in the habit of washing their cars in the lakes, and dumping engine oil and other forms of household waste.
Yet add in all the other forms of household wealth, as Edward N. Wolff, a New York University economist, does, and balance sheets change for the worse.
Economists have long criticised the government for using RPI, which is typically higher than other measures of inflation and fails to take into account some forms of household costs.
While most forms of household debt saw improvements in borrowers making on-time payments, a big exception was student loan debt.
The report also shows that student loan debt has the highest amount of delinquent debt compared to all other forms of household debt (mortgages, auto loans, and credit cards).
While most other forms of household debt can be discharged in bankruptcy, student loan debt cannot – which means that past delinquencies compound onto new delinquencies, and until borrowers as a whole start bringing their loans current, the delinquency rate will continue to rise.
Similar(49)
Student loans were the smallest form of household debt until 2009, the Fed data shows.
Nearly 1.5 million people in Kumasi, Ghana's second-largest city, lack access to adequate restroom facilities, either in the form of household or public toilets.
The demand for financial innovations can originate from the client side in the form of household need to borrow and invest money or firm demand for innovative ways to hedge risks and reduce taxes.
Student loans have had the highest delinquency rate of any form of household credit since 2012, and have not declined appreciably.
Spiraling student debt has become a growing national concern, with student loans now totaling some $1.2 trillion, making them the second largest form of household debt after mortgages.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com