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Debt spiked prior to the Great Depression in a similar pattern to the early 2000s, and ultimately that's what caused the discomfort of the era. People had to stop borrowing and start living within their means with an eye on paying down principle owed.
If we take a deep breath and a sober look at the bills, we can start to build a foundation for a stronger tomorrow. If we ignore reality and borrow every penny we possibly can? Well, at some point (probably soon) we'll reach a limit where no one wants to lend to us anymore. Its the same endgame - there's not much borrowing left we can do before paying something back. The sooner the macro trend moves toward repayment, the sooner we'll see a real recovery...
"As a nation, we now over $13 trillion on our credit cards, automobile loans, and home mortgages." --- And regarding auto loans I think it will not work nowadays because who has the money to have one with this kind of crisis?