And yes, I'm aware that the 160 grand will never be paid back. We'll be paying interest and paying in the form of inflation for as long as the US exists.
The credit card debt is another matter. Perhaps I wasn't clear, but the original statement I quoted was about the size of a trillion dollars, and about how people were paying for the nice cars and the shopping trips. The credit card debt is individual debt, not public. That one doesn't bother me so much as I personally don't share in it.
But the 18% figure is pretty low. Credit card companies have ways of jacking up t he interest rate even higher than that. Read the fine print on the throwaway that comes with a credit card sometime, and see just what you pay if you don't pay the cards off at the end of the month.