Results in 2021 were stronger than expected for the U.S. credit card industry. Revolving debt rebounded, delinquencies and losses stayed at record low levels, and new accounts grew by 40 million as both consumers and issuers gained confidence in the economic recovery. Next year, however, consumers and issuers will need to contend with spiraling inflation and the probability of increased rates, which will likely affect the ability to repay. Although indicators look strong now, issuers must keep a keen eye on signs of erosion to minimize risk in 2022.