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Among families that owned homes, the Fed survey found that their median home equity declined from $95,300 in 2007 to $55,000 in 2010, a drop of 42.3 percent. Home equity is the home's value minus how much is owed on the mortgage. The Fed survey found that median incomes fell from $49,600 in 2007 to $45,800 in 2010, a drop of 7.7 percent. The Fed survey found that the proportion of families carrying a credit card balance fell to 39.4 percent in 2010. That was down 6.7 percentage points from 2007. Among families with a credit card balance, the median balance fell from $3,100 in 2007 to $2,600 in 2010, a drop of 16.1 percent. The proportion of families with debt that had a debt payment that was late by 60 or more days during 2010 rose to 10.8 percent, up from 7.1 percent in 2007.
[Associated
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