Debt service payments as a percent of disposable income are at 30+ year lows. Of course, this is partly attributed to mortgage defaults over the past few years, but does it matter? The fact is the average American is today less bogged down by debt. That's how the default system is supposed to work. You come out the other side cleaner and stronger.
So does this mean Americans are more financially flexible than at anytime since the late 1970s?