Thank you for taking the time to read! Yes, in the full paper I separated consumer credit from mortgages. In the intro I linked, indeed they are aggregated. L

Thank you for taking the time to read! Yes, in the full paper I separated consumer credit from mortgages. In the intro I linked, indeed they are aggregated. Long story short: in northern and continental Europe consumer credit is almost non-existent. Very tiny numbers. Notable exception: the UK. But more mortgages don't necessarily mean more home ownership eh. "Those mortgages are backed by houses, and are a sign of good financial practices, allowing gradual increase of wealth. Where consumptive credit is backed by nothing and is generally a sign of bad financial practices." That's almost my conclusion as well, but I put more emphasis on what social policies encourage you to do, more than on good or bad practices. In the US they really encourage going for consumer credit, also their bankruptcy legislation is more lenient and encouraging a fresh start; while in Europe we are much more draconian with debt.