Some subprime lenders appear to be facing strain as debt levels and the rate of borrower defaults start to rise in Canada and the U.S., which may leave many wondering if there are early parallels to the 2008 financial crisis.

The concerns come as U.S. tariffs and the war in Iran continue to ramp up the pain on consumers, and as that financial hurt appears to be bleeding out into the middle class.

Experts warn that if a crisis rapidly accelerates the problem, there could be ripple effects to the broader economy.