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But she says her subjects confirm the debt trend: about 60 percent got a reverse mortgage, and about half already had mortgage debt.
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But working out how to shrink-debt to GDP without causing a slump is tough as China is discovering.Use the interactive graphic above to track global debt trends against GDP for 47 countries.Read the full briefing on ending the world's addiction to debt here.
The link between the debt crisis and the new comprehensive growth crisis is becoming ever more important: without economic growth, crisis countries stand little to no chance of turning their debt trends around and getting back on to a fiscally sustainable path.
"The demographic, deflation and debt trends require very serious re-thinking on the part of the information technology and telecom industries on the very nature of the business," wrote Mr. Tumolillo, whose report outlines the possibility of an even bigger telecommunications crisis than the industry has suffered in the last couple of years.
A report from the Fair Isaac Corp. called the current student debt trends "simply unsustainable".
Mr Chaudhuri says bad-debt trends have turned a corner, despite a weak economy that led the central bank to cut rates by half a percentage point on April 17th.
And many consumers and small businesses are unwilling to take on more debt, a trend that reduces demand for loans.
The less favorable debt ratio trend now in place is reflected in the negative outlook assigned to the rating.
The principal cause is fear of debt, a trend that will be accelerated by the ending of maintenance grants in the budget.
This takes account of the level and rate of growth in household debt, the trend in the household saving rate (Australia's has fallen from 4% to an estimated 1% in the past two years), unemployment and the growth in real income.
Only briefly during the heydays of the economic markets in the late 1990s has the U.S. seen debt levels trend down in a material manner.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com