RE:Modest Increases in US Credit Card debt in 15 years Also, the US consumer is holding on to approximately $1 trillion in excess savings which effectively means they could pay off this debt just from the accumulation of cash from the pandemic.
The credit card debt is not the issue.
In Canada, I would be more concerned about mortgage interest expenses rising. The housing market is usually the first shoe to drop. The wealth effect plays an important role in consumers' behaviours. Two thirds of Canadian still have to renew their mortgages at much higher monthly payments and that's highly inflationary.