Auto loans are not normally thought of as revolving lines of credit, but many consumers treat them as such. As soon as one car is paid off (or even before), they trade it in for a new one with a new loan (sometimes rolling over negative equity).

The used auto market has been hot the last couple years, so it’s hard to predict what happens. But since most consumers buy based on the monthly payment, higher rates mean smaller, less luxurious car, which has implications for the profitability of auto manufacturers.

Also, some consumers have been using their homes as piggy banks, refinancing each time the value increases. When happens to consumer spending when they can’t do that?