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From the article: "It turns out credit cards and student loan debt are the main reasons Americans are ending up with a negative net worth. Mortgages are a minor
by cmdrfred 10y ago
From the article: "It turns out credit cards and student loan debt are the main reasons Americans are ending up with a negative net worth. Mortgages are a minor factor, the New York Fed found. Only 19 percent of people with negative net worth are homeowners"
- dragonwriter 10y agoThe recent housing finance crisis converted a lot of negative net worth homeowners to not-homeowners (whether of negative net worth or otherwise) -- by both procedurally streamlining and reducing social stigma attached to various methods of getting out from under mortgage debt. (Of course, it did so only after first producing a lot of negative net worth homeowners out of people who were positive net worth homeowners, so its not clear where the net effect is.)