In the five years before Covid, revolving credit card debt/GDP was flat at 6.5%, well down from the staggering Housing Boom level of 9%. The level sank to 5.5% in 5/20 and remained there through late 2021. Since, it’s been steadily rising but at 6.2% remains below its pre-Covid level. This partly explains why households have been able to continue spending impressively but suggests it may soon get harder.