The Fed's portrait of the "median family's" finances in 2010 has some sobering figures. Things got worse, not better for American families between 2007 and 2010.
INCOME AND NET WORTH: Median family earnings in the US dropped 7.7% between 2007 and 2010. Median family net worth (half of families' net worth was higher and half, lower) came in at $77,300 in 2010. The housing crash explains 3/4 of the drop from 2007's $126,400 median net worth. The median amount of home equity fell to $75,000 in 2010 (from $110,000 in 2007).
SAVINGS & DEBT: The percentage of families who saved during the year fell from 56.4% in 2007 to 52% in 2010. Since total savings have risen, it means that a smaller group of families is saving more. Nearly three-quarters (74.9%) of families still had debt in 2010. The median amount of debt in 2010 was the same as in 2007. So much for the success of households in deleveraging... The percentage of families without credit cards rose from 27% in 2007 to 32% in 2010. The percentage of families with credit card debt fell to 39.4% (from 46.1%). The median balance dropped 16.1%, to $2,600.
INCOME AND NET WORTH: Median family earnings in the US dropped 7.7% between 2007 and 2010. Median family net worth (half of families' net worth was higher and half, lower) came in at $77,300 in 2010. The housing crash explains 3/4 of the drop from 2007's $126,400 median net worth. The median amount of home equity fell to $75,000 in 2010 (from $110,000 in 2007).
SAVINGS & DEBT: The percentage of families who saved during the year fell from 56.4% in 2007 to 52% in 2010. Since total savings have risen, it means that a smaller group of families is saving more. Nearly three-quarters (74.9%) of families still had debt in 2010. The median amount of debt in 2010 was the same as in 2007. So much for the success of households in deleveraging... The percentage of families without credit cards rose from 27% in 2007 to 32% in 2010. The percentage of families with credit card debt fell to 39.4% (from 46.1%). The median balance dropped 16.1%, to $2,600.
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