U.S. Household Debt Deleveraging - Largest Decline on Record

"The soft trajectory of consumer spending and continued reduction in residential investment expenditures reflects the sharp reduction in household debt. Outstanding home mortgages have dropped from $10.606 trillion in the first quarter of 2008 to $10.126 trillion in the second quarter of 2010. Household credit card debt has fallen roughly $157 billion from the peak in the third quarter of 2008 to $2.41 trillion..."

at http://www.marketoracle.co.uk/Article24647.html