The U.S. at this moment:

1. Record $16.5 trillion in household debt

2. Record $11.9 trillion in mortgages

3. Record $1.6 trillion in car loans

4. Record $986 billion in credit card debt

5. Total mortgage debt is now more than double of the 2006 peak

6. 36% of Americans have more credit card debt than savings

This all while mortgage rates just hit 7.1% and credit card debt rates hit a record 24.9%.

If you think the system is healthy enough to handle this, think again.