You can see that in the early 1950s mortgage debt was only something like 25% of personal consumption expenditure, but now it's up to about 100%.

抵押贷款在20世纪50年代,只占个人消费支出的25%,现在却占到几乎100%

耶鲁公开课 - 金融市场课程节选

Whereas, at the beginning, the mortgage balance is dropping only very slowly because you've got a lot of interest to pay and your mortgage payment is constant.

而在贷款初期,贷款余款减少的则非常缓慢,这是因为还款额是固定的,同时你还要偿付大量的利息

耶鲁公开课 - 金融市场课程节选