In this keynote speech recap, William Black discusses the consumer credit paradox, where macroeconomic statistics show positive trends while consumer credit performance is poor. He highlights the record levels of consumer debt and the acceleration of debt levels due to increased spending and inflation. Black also examines the impact of the jobs market on credit performance, the tightening of underwriting standards, and the intersections of risk, including younger borrowers and subprime cohorts. He concludes by mentioning various topics covered in his Consumer Credit Matters newsletter.