For many months we have contended that the U.S. Consumer is smart. Well, we just got the latest evidence of this on Monday, when the consumer debt levels were announced.
The American consumer
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has been paying down debt, instead of spending and borrowing more. They are cleaning up their balance sheets.
Household debt delinquencies are down 8.2%.
While in the short run this means less spending on discretionary items, and perhaps more slow domestic growth, it is good for the individual, and the markets, in the long run.
Congratulations to Americans. Now let’s hope some of this personal responsibility will rub off on our leaders in Washington.
