The percentage of households behind on bills in the fourth quarter of last year dropped to its lowest level since 2007, making consumers more able to withstand financial shocks, according to government data released Friday.
The report on household debt and credit from the Federal Reserve Bank of New York showed consumers have made major strides in repairing their finances since the Great Recession.
That's important as the U.S. economy faces new pressures from financial market turmoil and slowing global growth, said William C. Dudley, president of the New York Fed.
"The U.S. economy is in quite good shape," he said. "There’s quite a bit of momentum in...
The Federal Reserve building in Washington D.C.