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Using administrative credit report records and data collected through several special household surveys the authors analyze changes in household debt and savings during the 2007 recession. They find that while different segments of the population were affected in distinct ways, depending on whether they owned a home, whether they owned stocks and whether they had secure jobs, the crisis' impact appears to have been widespread, affecting large shares of households across all age, income and education groups. In response to their deteriorated financial situation, households reduced their average spending and increased saving.
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