Example: | Petition date (pd): | 6-1-97 | |
Plan filing date (pfd): | 6-1-97 | ||
Meeting of Creditors: | 8-1-97 (60 + pd) | ||
Confirmation Hearing: | 7-15-97 (45 + pfd) |
1-4 unit residential mortgage debt | $3,912,079,000,000 |
Pro-forma housing debt of renters1 | 2,106,504,000,000 |
Auto debt | 380,809,000,000 |
Revolving (card) | 491,813,000,000 |
Other loans | 354,339,000,000 |
Total consumer financial/rent debt: | 7,245,544,000,000 |
1Pro-forma debt of renters calculated by SMR. Homeowners are 65% of all households and renters are 35% (Census Bureau). Since renters have to pay monthly amounts just like homeowners with mortgages, we have added this pro-forma number to total debt based on the 35% of households being renters.
Source: Federal Reserve Bulletin, 6/97.