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> The people accumulating large credit debt have very little overlap with homeowners > HELOC

That sounds sensible, however I didn’t find any data to back up that assertion.

I did find “Higher-income people have more credit card debt, as do people who own their own homes.” which hints that you might be stating something incorrectly, or our definitions differ. Source text seems credible: https://www.moneycrashers.com/average-credit-card-debt-ameri...

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Higher income people have higher credit card debt because they spend more money. The issue is whether they're paying their bill at the end of the month or using it to finance their consumption and letting the balance grow.

Guess to be more accurate I should say "accumulating large credit card debt relative to their ability to pay the monthly balance". Which to be honest there's not much evidence is growing in any segment of the population. Wages have risen faster than credit card debt, so it's likely the "record debt levels" are simply people getting wealthier (in nominal terms).

Sure. Sounds sensible. But it seems difficult to find figures that actually support your intuition.

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