No one is paying bills right now due to COVID relief. Q4 alone saw $32B of missed student loan, $7B in missed rent and $14B of missed mortgage payments. Pent up roaring 20's demand and hyperinflation?
From what I understand debt as a percentage of disposible income has gone down during the pandemic. [1]. personal savings rates have also increased significantly[2]. I think people are underestimating the benefits of the pandemic assistance (particularly in the form of increased unemployment insurance)
[1] https://fred.stlouisfed.org/series/CDSP
[2] https://fred.stlouisfed.org/series/PSAVERT