True, but it's not just that. A lot of companies, and people, took the opportunity to become highly leveraged during the historic low interest rates. As rates rise they feel the pinch. But increased rates are designed to curb spending and promote savings (simplistic characterisation). When the public do that there's not the projected income these companies expected so they struggle to service their debt, on which payments have likely increased if not a fixed rate for a fixed term. If they don't have cash on hand to weather the storm they end up fukked. As these entities fight for survival they'll cannibalise each other in a race to the bottom to get revenue through the door until their model collapses.
Big business will buy up what has value to them. The rest of the carcass will be scavenged by those that can turn their business model to making money out of the bones. There'll be less competition, big business will raise prices under the pretense of increased costs just because, and the proletariat will foot the bill as the super rich get more rich.
Gonna get scary out here.
. There are only like 4k bank institution in the US that are FDIC insured. 
when folks money disappears from their bank account.
