I'll just clarify. We measure values of debt. We don't necessarily measure which households have a certain type of debt. I think that's the challenge.
Debt is a nominal idea. It tends to increase over time, given inflation and what's going on in the economy. This is why we like ratios. We look at leverage ratios for debt to income. That's where we see that debt to income for the lowest income quintile has gone up whereas other income quintiles have seen their debt-to-income ratio decline over the last five years or so.
We are seeing a disconnect when you break it down further instead of just looking at the big picture.