"I don't think much saving is going on, just paying off debt a bit faster. Saving is where your bank increases, not debt decreases. If you have debt, it is impossible to save, as you have no savings. You have liabilities. "
Really it is irrelevant - the main thing is that the debts are decreasing giving the debt holders more breathing room if a downturn occurs. Lower interest rates will allow even more money to retire debt if people continue with the current saving pattern for the time being.
