A significant shift is occurring in the private credit market as hedge funds increasingly target distressed loans amid rising tensions among lenders. This phenomenon, referred to as 'creditor on-creditor violence,' has seen hedge funds wagering tens of billions of dollars to capitalize on the turmoil. The private credit sector is facing challenges due to overdue loans, particularly in regions like Sydney, where lending to prominent figures has become problematic. Meanwhile, debt accumulated by consumers in Europe and the U.S., through various means including 'buy now pay later' schemes and traditional credit cards, is also emerging as a lucrative opportunity for private credit funds. As these dynamics unfold, the competition among lenders intensifies, raising concerns about the stability of the market.