We need to deal with household debt now before the next financial crisis hits

What will happen to indebted households when the next recession hits Europe? Strongly pro-cyclical financial policy in the US is likely to trigger over-heating and recession in the US perhaps already at the end of next year. Many economists predict a recession to strike Europe a year later. One thing is sure. Sooner or later a recession will arrive and with already near zero level interest rates the means to fight it are more limited than they were after the economic collapse of 2008.