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I just get this news at  MSNBC which report that U.S. households, hit by declining home values and stock market losses.Many of them have cut back on their debt levels for the first time on record as loans remain scarce amid what appears to be a deepening recession. This action will be the only way for them to resolve their financial crisis.

According to the Federal Reserve on Thursday released it latest quarterly look at consumer and business finances showing that households reduced their debt levels by 0.8 percent at an annual rate within July to September, the first drop on records that go back more than 50 years.

The Fed report also showed that households’ net worth fell by 4.7 percent in the third quarter to $56.5 trillion, reflecting the hit Americans are taking as the value of their homes and investments decline. What is your action now?

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