U.S. personal bankruptcy filings are climbing. The culprits? Persistent inflation gnawing at household budgets and borrowing rates that refuse to come down. Americans are squeezed from multiple angles—prices stay stubbornly high while the cost of credit keeps them from refinancing or accessing relief. It's the kind of economic squeeze that ripples through consumer spending, asset prices, and ultimately shapes market sentiment across all risk categories. This data point matters: when retail demand weakens and credit becomes a burden, capital allocation shifts. The pressure on traditional finance is starting to show.