The good news is that people are taking on more debt to invest in education (human capital) while pulling down their credit card debt (with its high interest rates). The auto purchase buying dropped for a while during the Great Recession, but is climbing again. That may be due to the needs for relatively new cars in our society that depends heavily on personal vehicles rather than public transportation.
On the other hand, as the Republicans increase interest rates on student loans, the debt burden has become more burdensome on the economy. Also, the low cost loan financing for higher education has probably helped drive inflation in college costs.
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