It would be interesting to find out how much average debt people have, and how long it would take them to pay it off now that they are trying. Multiply that by 1.5 (the time to save some money in order to make future purchases), and that's how long our recession will be at a minimum (my opinion only).
Ok, so I looked it up. The average American (in 2004) owed about $8,000 in credit card debt. If the average person made a minimum payment of $150 per month at 13% interest and stopped incurring new debt it would take 6.67 years to pay off. Multiply by 1.5 and we can reasonably assume our recession will last 10 years minimum. Ok, that may not be a reasonable assumption as it is in no way scientific.
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