Despite the alarm raised by the US credit card debt crossing the $1 trillion mark, Ryan Detrick, chief market strategist at The Carson Group, argues that the situation is not as dire as it seems. He points out that consumers are not overspending, debt service payments are lower than pre-pandemic levels, and credit utilization remains stable. He also notes that 97.4% of total balances remain current on payments. Lenders like JP Morgan Chase, Capital One Financial, and Discover Financial Services logged their biggest provision for credit losses earlier this year due to macroeconomic outlook updates.