Puzzling failure of household sector in OECD to reduce debt after crisis

Only households in Germany and Japan are less indebted than in 2000. (see attached) This is interesting in light of Martin Feldstein's comments on NPR yesterday, when he pointed out that the household savings rate is now below 3% in the US and so consumption will consequently be very constrained in the next few years.

A small increase in interest may, in the absence of inflation should that be the case, trigger a shift from consumption to saving.