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The report from which this Executive Summary is compiled is U.S. Market for Rewards Cards, and the full study abstract is as follows:
Over the past decade, consumer debt levels have risen dramatically. Outstanding household debt, which includes home mortgages and revolving and non-revolving consumer credit, stood at approximately $7.8 trillion at the end of 2004.
Although consumer credit (debt not secured by real estate) has increased, the bulk of the expansion in household debt has come from a sizable buildup of home mortgage and home equity debt (discussed below). Despite increases in debt, experts report that consumer creditworthiness remains solid. In fact, as the delinquency rate and charge-off rate charts below indicate, consumers appear in good shape.