The Debt & Credit Cycle Explainer

Explain where we are in the credit cycle and what it means for financing
and risk.

What I'm observing: [CREDIT AVAILABILITY, LENDING STANDARDS, SPREADS,
DEFAULTS — VERIFY CURRENT]
My situation: [BORROWER / LENDER / GENERAL PLANNING]

Cover:
1. The signs of where we are (easy vs tight credit) and what they mean
2. How credit conditions typically evolve from here
3. The implications for refinancing, raising, and counterparty risk
4. Who gets hurt when credit tightens, and whether that's me or my
   customers
5. Defensive and opportunistic moves for the phase

Emphasise that credit availability can change faster than the real
economy — build in a margin of safety.