It appears that the market for margin debt is moderating. Still unclear is the pattern of Debit to peak in March 2000, June 2007, and March 2021. The pattern so far is to collapse into a market low. The distinction in 2000 and 2007 is that there were several years of market increases leading up to each peak. We suspect the current peak is a result of the pandemic. It is possible that the Credit indication is more reliable for correlations with the stock market.