The Recession Is Over, But This Huge Problem Is Not

The Great Recession is officially over, but for a huge number of Americans, serious debt lives on.

U.S. households owe a combined $11.5 trillion on credit cards, car loans, mortgages and other consumer debt, according to the Federal Reserve Bank of New York.

Read the whole story at Los Angeles Times

Comments

[evefontenot]

02:22 PM on 04/03/2012

I'm sorry, the recession in my house is still in recovery so it's not over for me.

[knotsofast]

06:24 PM on 03/26/2012

Lies. The recession is not over. GDP about 1.7%. Inflation reported at bout 2%. Real inflation for Americans for the stuff we buy every day is about 8-10%...there is negative real growth when inflation is applied to the nominal numbers. It will only get worse:
http://baltimore.cbslocal.com/2012/03/26/gas-prices-expected-to-continuously-increase-through-summer/

[Tanya OaksBrooks]

08:23 PM on 03/26/2012

Yeah, that's it. Economists are LYING about the recession being over, right?

It's funny how Obama bashers suddenly want to use a new method of figuring up everything from economic growth to unemployment numbers.

[noahmarder]

01:24 AM on 03/27/2012

True unemployment is around 20%. Real inflation (not the bogus CPI favored by both parties to please the banks and keep social security payments down) is at least 10%. Real GDP "growth" is no better than -6%. The DEPRESSION is still in full swing, and that is the fault of EVERY president and congress since Reagan took office.

[John Derrick]

10:58 AM on 03/26/2012

Recession over? Really? With all the price of goods/services going up and up, why hasn't the Fed released that we are now into the phase of inflation (results of printing funny-money)? Some economists claim it's as high as 8 to 8.5% and climbing. Undoubtedly, this can produce an extended "stall" of the market....so this recession isn't over by a long shot rather it's an election year and Washington (with Fed help) are "propping" up the market to show a false recovery... A real recovery wouldn't have the volativity that's evident today.

[katieandtom]

09:15 AM on 03/26/2012

what? this recession is so not over. puhlease. you cant buy a house, cant finance a business - investments are nill.

[AZreb]

09:13 AM on 03/26/2012

Unbelievable! People making much more than most of us could ever dream of making and evidently they never heard of the word "save". The thing that hit me the most was ehn the couple gave away their Bichon Frise dog - because of grooming, vet bills and care needed. For Pete's sake - you can buy a set of clippers, get a book and do the grooming yourself after giving the dog a bath (if you are not afraid of getting your $220 designer jeans wet) - and if a dog has proper food (no, not the most expensive necessarily but food that supplies the nutrition it needs) and goes to the vet for rabies vaccinations (you can give the other shots yourself) and a check up once a year or even less, a dog is NOT that expensive and to me it would be like giving away a child.

I have friends that really fell on hard times - losing their restaurant, filing for bankruptcy - and they never considered giving up their cat and African grey parrot! Nor would I ever consider giving up my dog or two cats - and am now considering adopting a cockatiel.

[profhdjr]

07:37 AM on 03/26/2012

Hopefully we shall all clear our debts some day.

[iam99]

05:50 AM on 03/26/2012

Of the ten incorporated towns in this "well-to-do" county my town has the distinction of having the highest number of foreclosures, which I have tracked, and I assume then bankruptcies, which I have not tracked. The recession my be over with the arrival of depression only, I believe.

[Kye154]

05:17 AM on 03/26/2012

There are no firm facts or unmanipulated statistics that has ever concluded the recession is over. Let's lay that propaganda to rest!

[Tanya OaksBrooks]

08:25 PM on 03/26/2012

Uh-huh, sure. After all, what do those silly economists know about the economy?

[jcaunter]

03:12 AM on 03/26/2012

Right--the recession is over because the depression has begun.

[Tanya OaksBrooks]

08:26 PM on 03/26/2012

You should look up the words "recession" and "depression" before attempting to use them.

[Davidsivad]

02:20 AM on 03/26/2012

The recession is over? That's just about the stupidest thing I've read this week. Amazing. Not only is not over, it has only really just started and it will continue on for the next 5 to 20 year's at a bare minimum. It has nothing to do with personal debt. The American people are going into debt because the American Government is powered by a do nothing, corrupt congress and the Right is doing all it can to destroy the middle class and all of our rights in a further effort to reinstate all that was bad about the last 120 year's in America. From child labor to womens rights, from racism to banks stealing everything they can get their hands on. The country is in its death spiral and it will not survive it. This is just the beginning of a very dark time for humanity and when it starts to really take hold none of us will be safe in our homes, schools, jobs or lives. What took Rome 2000 year's to accomplish has been done here in a mere 240 year's. Kiss it all goodbye!

[jcaunter]

03:13 AM on 03/26/2012

It's not for nothing that the mainstream corrupt media receives oodles of money from financial firms. Expecting truth out of the msm is like expecting birds to swim.

[pa104inf]

07:58 AM on 03/26/2012

You do realize that the Democrats control the Senate and the Presidency? Don't let the facts get in the way of blaming the Republicans, right?

[Davidsivad]

08:42 AM on 03/26/2012

I do realize that, and still the republicans have destroyed everything in this country that they can and they are continuing to destroy it by attacking well established women's rights with this medieval BS about contraception, when the fact is that they should be doing there jobs instead of attacking established rights of its citizens. They are also responsible for accepting more graft than any group of men (and a few women) in congress in history, between the banking lobby, pharmaceutical & insurance companies, the church and the NRA these are the most corrupt people in the history of the nation....and that my friend, is an absolute undisputed FACT.

[Tanya OaksBrooks]

08:28 PM on 03/26/2012

You do realize that the Dems don't have a filibuster-proof majority in the Senate and that the President can only sign legislation sent to him by Congress, right?

[SweetTart]

02:19 AM on 03/26/2012

The recession is over? Seems there is a whole country out here who didn't get the same memo as the writer of this article. I didn't bother reading past the headline. The author clearly has no grasp on the current economic situation.

[Bill Roth]

02:16 AM on 03/26/2012

Recession over? Damm i was just getting used to the depression . Really? Kelly Barron the FED has got you believing or the checks are rolling your way.

[PatrickforO]

01:49 AM on 03/26/2012

It will take years for everyone to dig their way out of revolving debt, but once they have, I believe we can expect a sea change in how consumers consume. More delayed gratification, more layway. Fewer loans.

For at least a few years, people won't buy things they don't have money for, and that may bother the profits of the big banks and non-depository credit folks. Do you know, my supermarket is even jumping on the bandwagon - issuing credit cards to maximize profit.

Caveat emptor.

[John Derrick]

11:07 AM on 03/26/2012

And in 2014 Obamacare kicks in with it's mandates and hidden fees/taxes. I realize that Indonesia's single payer system has streamlined their healthcare system, but their doctors and hospitals are much different there than here so once again, we go under yet another experiment. Bottom line, it will channel 5-times the revenue through government than Social Security does and given Washington's track record of managing business; we're in trouble!

[noahmarder]

01:42 AM on 03/26/2012

Who said the recession was over? With real unemployment around 20%, we are still in the midst of the worst downturn since the Great Depression, and both political parties seem determined to make things worse.

I would certainly advise anyone who owes more in dischargeable debt than they're worth to declare bankruptcy. I would also advise anyone who is severely underwater on a home (or anything else for which liability is limited to that asset) to just walk away. The banks and corporations have cheated and defrauded you. Don't pay them any more than you have to.

[sallybutt45]

02:03 AM on 03/26/2012

Yes, it takes from 5 to 7 years to repair bad credit, so I would like for the banks to receive some type of bad-practice rating, that would be attached to any advertising or piece of mail with their logo, like a disclaimer, until they make good every twisted deal that they were involved with. It should take them several years to clear their standing, or better yet, let's break up the big banks and make them start from scratch.

[noahmarder]

02:28 AM on 03/26/2012

Sounds good to me.

[SweetTart]

02:20 AM on 03/26/2012

I agree 100% with your comments. I would also urge people not to stick with revolving debt. Declare bankruptcy and start with a clean slate. Credit scores are another big scam used to keep people in debt.

[born 2b different]

08:33 AM on 03/26/2012

How do credit scores keep you in debt?

[Team Brogan]

12:35 AM on 03/26/2012

If you actually READ the article this links to, the examples used are all of people who were wasteful and self-indulgent who now have to give up $40,000 wine collections, $300 dinners and 5 bedroom McMansions with waterfalls. I don't wish anyone bad, but reading this all I could think of was that karma is a b***ch. I'm sure they could have found some people to focus on that were hurting for legitimate reasons, not because they were spoiled brats before the recession.

[Durrrrrr]

07:42 AM on 03/26/2012

So you want them to replace an unscientific survey that is a non random sample of N < 5 with another unscientific survey that is a non random sample of N < 5, but to make sure that the new sample fits your faith-based beliefs?