Just saying...a huge part of the consumer debt "payoffs" have actually been credit card companies finally recognizing write-offs on bad debt....the debt doesn't exist anymore.....it wasn't paid off, just wrote off.
Article I saw said about 90% of the payoff was really write off.
Seriously, what would people be paying down debt with? How many unused Harleys do you see in your neighborhood garages? BTW, what that mean is that if you wanted a $25K Harley, you might be able to get it for $7K in the near future, if you are smart enough to preserve capital.
All those extra jobs and increasing income while expenses go down? Don't be deceived.
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Insightful and Useful Comment!