Yes but how many of them would have not been able to pay it back. A lot of people have been living in a fantasy world for the last few years believing the spending would never end. I think unfortunately that some shrinkage is inevitable as the level we should be at is reached. Asset values have been inflated by access to easy money, a lot of which has now been lost(yes blame the banks). Lenders will now be a lot more cautious whom they lend to.
I think most members here will be ok as people will keep and repair their cars rather than change. So it’s not all bad.