Telegraph: Households tighten belts as they pay off debts earlier

The indebted in the UK cannot all pay off their loans, some yes, all no. To do that would require net exports, which are so far out of sight as to be not worth considering. I see this as good for those that manage to get out of debt, bad overall. The UK financial system being credit fiat based relies on people holding debt. High house prices stop people from holding debt. This is symptom that the government will find hard to stop. Overall we benefit if we are relaxed about debt, but individually we profit if we don't accept (or are refused) debt. I feel very gloomy because I think the UK has no way out now, just Hitler in a bunker style ravings. If society refuses debt then our financial system doesn't work.