Good comment. You nailed the problem. And, it's not only consumers; it is governments and central banks. The world began a period of deleveraging a few years ago, but "progressives" screamed and pointed at a twisted interpretation of Keynesian economics(i.e. spend your way out of debt). It is hard to blame consumers for behaving like their governments. But sooner or later, the party ends. It is obvious that monetary policy is ending in disaster and fiscal policy is taking over, at least in the USA (with the Fed's agreement, by the way). No telling what lies ahead but it doesn't look good.