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My question is: Did families actively reduce debt or was their debt actively reduce by the tightening of lending standards, reduction of credit card trusts due to regulatory changes, etc.? Also reducing debt instead of spending when unemployment is rapidly rising (and you still have a job) is not necessarily a change in one's view on debt, but more likely a survivalist's attitude. I would say this is less of a behavioral change and more a result of macroeconomic conditions (and bank lending standards) forcing families to behave in certain ways.
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Mar 22, 2011