Same thing is happening in the US albeit in different sectors. The oil industry was crushed a few years back with massive defaults. Now, not surprisingly, it is retail in the crosshairs. In the US, credit card debt exceeds the pre-collapse levels from a decade ago. Subprime car loans turned south over the past year. And student loan debt is over $1T with no end to the increase in sight.
Many talk about the Federal Government's debt but that is nothing in comparison to the ability to pay the present debt load that individuals are carrying.
Thank you for the video.