After steadily declining for 19 straight quarters, total consumer debt increased in the past two quarters for the first time since 2008! Household debt grew by $130 billion in Q3 and by $241 billion in Q4. However, overall consumer debt remains 9.1% below its all-time high of $12.68 trillion in Q3 2008. Household deleveraging is a major reason why the recovery has been so lackluster; it appears to be over.