If you’re an American and you’re reading this, congratulations, according to an article published on MSN, the Federal Reserve says you’re probably richer now than you were at this point last year.Â Unfortunately, that might be the last piece of good news you read in this article.
So, here comes the double shot of bad news – the average household debt continued to grow and because most of the increase in household wealth can be attributedÂ to a rise in the stock market, much of that new wealth has been erased in the recent market swoon.
According to the data published in the MSN article, the total American household worth was $55.6 trillion at the end of 2006, which was up roughly $1.4 trillion from the same point in 2007.
Unfortunately though, the total American household debt grew by 8.6%.Â Despite that relatively high figure, debt grew less than the 11.7% recorded in 2005.Â I guess I was wrong; there was some additional good news in here after all.
Anyway, those were the highlights of the MSN article.Â Other than that, it was just more data showing that the American economy is slowing and that the housing market still has a while before it hits rock bottom.