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A broad stat of all people having increased debt doesn't equate to a mortgage crisis like the US had.

Debt is high, but in getting that debt people still had to have complied with the debt servicing ratio requirement.

I'm not saying it's a good thing to have all that debt, but we aren't facing a situation like the US had where they were giving out mortgages that depended on property value increasing otherwise the mortgage increased over time, or giving mortgages to people with a debt service ratio of inifinity because they had no income.