Agree re interest rates decreasing average recoverability, as...

Agree re interest rates decreasing average recoverability, as well as increasing default rates on credit. However worth also noting the typical CH debtor (customer) may likely not be actively consuming debt (may have lost access to credit, or loans may be non-accrual defaults). Secondly from a supply point of view, remember much of CH's client base is not credit based (eg insurance, utilities, government debt) where interest rates have no direct bearing on indebtedness. Thirdly, raising rates are in an inflationary environment, which credit impaired consumers are far more exposed to (cost of fuel, rent, food etc). I think the argument from @gosh above is awfully simplistic and not what I've observed over many years exposure to this industry. Essentially still not seeing a good cycle for CH, even when putting aside their woeful cash flow situation etc.