In this regard, two items are worth stressing: first, the composition of the recent surge in consumer debt and, second, the role of the recent growth of the subprime credit market. Regarding the composition of debt, a key fact is that most of the recent expansion in consumer debt has been in the form of mortgage debt.
T. Macklem, “The Imperative for Public Engagement” (speech delivered virtually to the Federal Reserve Bank  of Kansas City Jackson Hole Symposium, Jackson Hole, Wyoming, August 27, 2020). 7/7  BIS central bankers' speeches