Household debt heads up, and up….

Economists figured that rising interest rates would make consumers cut back their borrowing in the first quarter, but those nasty consusmers fooled the experts yet again. Household debt grew at annual rate of 11.6% in the first quarter of 2006, up from 11.1% in the last quarter of 2005.

Mortgage debt grew by more than $250 billion during the first quarter as much of this borrowing was done with mortgages of various kinds.

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