Naked Capitalism has the article New Findings Point to Private Credit “Perfect Storm” Brewing in Your Financial Future.

Macroeconomic stability will be more elusive and that will affect all of our lives: from the risks many will face in childhood, to the security of employment at working age, to the challenge of accumulating for retirement. More financial instability will introduce more uncertainty all down the line, and that will be a very different world than the one we would have lived in only a couple of decades ago. But that period of calm also tells us that such instability isn’t necessarily a fact of life, and addressing that is likely to be the policy challenge going forward.

As several comments point out, this is not exactly a new finding, but the graph they show may be new to some people.  Also keep in mind that this article is talking about private credit.  This is what people in the private sector have borrowed and must pay back.  This bears no relation to the federal “debt”.  The federal “debt” is to the federal government like bank account deposits are to banks.  To make this clearer, isn’t it obvious that people tend to buy U.S. Treasury securities because it is absolutely the safest place they can put their money and earn a little interest.  This safety factor is exactly why Treasuries pay a lower interest rate than private banks, and yet the Treasury has plenty of customers who are more than happy to accept the deal.