Consumers are accumulating debt at a rate so frightening that incomes are not keeping pace, according to William R. Emmons of the Federal Reserve Bank of St. Louis.

He sees no sign of a slowdown in household indebtedness. As of the 1998 third quarter, household debt was growing at an annual rate of 8.3%. The total-$5.846 trillion-was an all-time high.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.