Boom and bust in the housing market D American households have spent more than their disposable personal income in every year starting in1999 a Household debt grew from $705 billion at year end 1974, 60% of disposable personal income to $7.4 trillion at yearend 2000, and finally to $14.5 trillion in midyear 2008 134% of disposable personal income. During 2008, the typical USA household owned 13 credit cards with 40% of households carrying a balance, up from 6%in 1970.Boom and bust in the housing mar ket  A i h h ld h t th th i American house h old s have spent more than th eir disposable personal income in every year starting in 1999.  Household debt grew from $705 billion at year￾end 1974, 60% of disposable personal income, to $7 4 t illi t d 2000 d fi ll t $14 5 $7.4 t rillion at yearend 2000 , and finall y t o $14.5 trillion in midyear 2008, 134% of disposable personal income.During 2008, the typical USA household owned 13 credit cards, with 40% of households carrying a balance, up from 6% in 1970