Not exact matches
Outstanding consumer
debt (medical, mortgage, credit card, student,
auto, etc.) in the
U.S. is well over $ 2 trillion, so this isn't about erasing all
debts, no matter how successful the jubilee is.
Shunning
debt helped Magna develop a cash hoard that allowed it to weather the 2008 - 09
auto crisis and permitted Mr. Stronach to depart with $ 863 - million (
U.S.) in cash and shares.
In fact, in 2016, total
U.S. auto loan
debt surpassed $ 1 trillion and it doesn't show any signs of letting up.
The direct consumer impact will be on
U.S. variable - rate mortgage holders (as well as all those that hold other variable - rate tied
debts, such as credit cards,
auto loans and lines of credit).