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According to your source, it's above where it was pre-pandemic. And mid-pandemic, when interest rates were arguably the lowest, is when it peaked at 85%. FRED

According to your source, it's above where it was pre-pandemic. And mid-pandemic, when interest rates were arguably the lowest, is when it peaked at 85%. FRED is a better source: https://fred.stlouisfed.org/series/HDTGPDUSQ163N https://fred.stlouisfed.org/series/HDTGPDUSQ163N It even has a chart [= I guess to the author's point - HH debt to GDP was much higher before 2008 when interest rates were much higher. However, lowering interest rates recently coincided with a DRAMATIC increase HH debt (the largest jump on the chart by far).

iso1210 5y ago
The pandemic isn't over, yet the direction of debt is downwards. If you take the rate of change, I guess it slowed its descent about 2015, which happens to be when rates were increased from 0.25%. Seems that increasing rates causes the rate-of-change of debt to increase But that's by the point. Your claim was > Is the volume of personal credit not absolutely exploding right now because of the real estate boom? Well not according to the graphs you provided. Q2 2021 debt was 77.7%, down 0.9pp on Q1 2021.