Between 1920 and 1940 private debt was higher than a. Corporate debts.
During the period between 1920 and 1940, private debt, which refers to debt incurred by households, was higher than corporate debt, which refers to debt incurred by businesses. This was due to a number of factors, including the rise of consumer credit, the growth of the automobile and housing industries, and the increased availability of consumer goods. As a result, households became heavily indebted and their spending helped to fuel the economic boom of the 1920s. However, when the economy turned downward in the late 1920s, this high level of household debt contributed to the severity of the Great Depression.