In other words, the Brazilian consumer has twice the debt load from a cash flow perspective than a US consumer who is still widely regarded as being over-leveraged.
换言之，从现金流的角度看，巴西消费者的债务负担是美国消费者的两倍，而后者还被普遍视为在过度举债。
2
This may mean that Americans continue to be over-leveraged.
这或许意味着美国人继续过度消费。
3
But is this because over-leveraged households and firms have become less willing to borrow, or because Banks have become less willing to lend?