[zxcmx]

You stated that rather authoritatively but I'm not convinced there's any real consensus on the matter.

After all, why do people freeze / cull debt?

[raducu]

Because in non-negative interest world there's a limit on how much debt you can take?

[zxcmx]

I agree! But a person or business choosing whether to take on more debt is going to rely on just the cold calculus of income and outgoings?

I believe that how take into account how secure they feel in their job, whether everyone else seems to be panicking about the economy, housing fomo, etc.