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The pain is more to do with debt to income ratio than absolute debt

In general poorer people tend to have more trouble servicing debt

What variable rate debt do poor people usually have? You have to be of a certain income level to even get a mortgage in the first place.

Lose your job and you are instantly poor with an accompanying mortgage payment as if you weren’t.

Who said anything about losing jobs here? Joblessness is exceedingly low.