I won't comment much on the US as a comparison but lets just say...

I won't comment much on the US as a comparison but lets just say that the US numbers is skewed because a good majority of the US population use "non-bank" lenders... Ever wondered why Pawnshop shows in the US are so popular? Don't get me started on the fact that bankruptcy in the US is more likes a rights of passage as many take jubilees on debts that is why its so low.

Australia wise, its Interesting that many leave out the the fact that the Australian Household debt to GDP is actually on a downtrend since 2016....for shock and awe perhaps.

https://tradingeconomics.com/australia/households-debt-to-gdp

I also like how the media (not just you by the way so don't take it personally) uses adjectives like "meteoric rise in usage of credit cards". It is a rise but meteoric it is not. In line with population growth...

https://tradingeconomics.com/australia/consumer-credit

https://tradingeconomics.com/australia/population

As for IR loans the spigot was tightened in 2016... hopefully the standards have not deteriorated. I'd be grateful if you can provide a link perhaps of the this IR cliff this year?

Regardless, those are not problems until people start losing their jobs...