More wealth disappeared in the U.S. this year, and both households and businesses reduced their borrowing, a Federal Reserve report says.
The data Thursday also indicated slower commercial mortgage borrowing.
The Fed said total net worth of households fell 2.6%, or $1.33 trillion, in the first quarter, as their property values fell and portfolios shrank before stock prices rallied in March.
Net worth dropped to $50.38 trillion from $51.71 trillion in the fourth quarter. Net worth is assets minus liabilities. The 2.6% drop followed a decline of 8.6% during the fourth quarter.
And then there is a possible change in US attitudes about debt:
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