Middle-class debt has exceeded income for the first time in the history of a Federal Reserve survey that measures it, according to a new report.Debt has expanded to 108.4% of income according to a new report on the topic by the Center for American Progress that quantifies the debt of a middle-income family during the period between 2001 and 2004. Personal bankruptcies in middle-class households also increased in this timeframe, due to slow income growth and the rising cost of the some of largest family expenses such as housing, according to the report, "Drowning in Debt: America’s Middle Class Falls Deeper in Debt as Income Growth Slows and Costs Climb."
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