The concern about the bad debts for me stems from the macro...

The concern about the bad debts for me stems from the macro environment. The ability of people repaying their debts is going to be linked with employment.

So looking forward, if inflation remains sticky or increases again, central banks have to keep raising interest rates - even at the potential expense of causing a recession. If the economy goes into recession, we end up with higher unemployment. Higher unemployment leads to.........

Now, some of MMEs metrics we've seen in their market updates show that their customers have higher than average credit scores, so it might be ok, but it's still a risk in my opinion.