Yes, the debt coming due just keeps piling up too, but when the easy credit dries up so does most of the borrowing and without consumer borrowing economic growth dies. They always talk about the banks making more money because of higher interest rates, but they never talk about less people borrowing or not being able to borrow because of higher rates. It's a double-edged sword.
Like the woman on TV said this morning, when the credit cycle turns down that's not good for growth going forward and all I hear on TV is the higher growth numbers coming. I'm skeptical of that happening when consumer's have already leveraged up in the last 8-9 years of super-low interest rates.
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