Tons of corporate debt has been issued in last ten years at historically low rates. If floating, they are screwed, but anyone with a smart treasury / corp fin dept will use a tenor-matched interest rate swap to convert float-to-fixed... so fine. However, if you need to roll-over expiring debt... uh oh, that will now be more than twice as expensive. Junk debt (and rated just above) will see more bankruptcies and "loan workouts" in next year than we have seen in last 10 years. Still, I cannot see a crash. I do see a "major slowdown" -- recession -- but not a depression.