¹³Specifically, we determine the average volume-weighted interest rate on liquid debt, which consists of consumer loans, credit and payment card debt and all other unsecured debt. We use data from December 2019. Note that although these data let us pin down aggregate quantities, they do not solve the issue referred to in footnote 12, since we cannot link them to the tax registry at the individual level. We set the borrowing limit on liquid debt to zero.