I think it's less people maxing out their credit cards, and more people using the same amount of actual credit (by value), but their credit is worth less due to the ridiculous inflation.
That is: you need to go in greater debt to buy a gallon of milk now than you used to.
https://www.federalreserve.gov/releases/g19/current/
Data set here, I think you nailed it with inflation being the reason. Seeing the same thing in business, I'm a controller for a produce company. Basic economic concept "time value of money" says you should use credit where possible and doubly so in an inflationary cycle.
I think it's less people maxing out their credit cards, and more people using the same amount of actual credit (by value), but their credit is worth less due to the ridiculous inflation.
That is: you need to go in greater debt to buy a gallon of milk now than you used to.
https://www.federalreserve.gov/releases/g19/current/ Data set here, I think you nailed it with inflation being the reason. Seeing the same thing in business, I'm a controller for a produce company. Basic economic concept "time value of money" says you should use credit where possible and doubly so in an inflationary cycle.