If the borrowings were just for something like property or some other asset likely to appreciate over time then it is not so much of a problem. Instead lots has been borrowed (or savings chewed up) buying things that will be valueless in a few years. The problem is more what the money is spent on - especially in this throw away society where many things don't last.
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if prices don't come off 40%, it'll be a first, page-23
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