The proliferation of easy credit over the past 15 years or so has made it easier for people to handle downturns in their economic fortunes. This came at a price, of course, with many people having high debt burdens. The housing bubble HELOC ATM made easy credit, for awhile, cheap for many. But now the HELOC ATM is gone, and people have unaffordable debt burdens. Pulling back will be the only option.
Gonna be messy.
