what's going on with private credit? why do people keep talking about it

headlines like: BREAKING: JPMorgan CEO Jamie Dimon warns private credit losses will be “larger than expected."

1. please explain what this is
2. why it's significant
3. and how retail can profit off it?

apparently: dimon warned about 2008 before it happened too and everyone ignored him. now hes saying private credit losses will be “larger than expected” while CDS volumes just hit all time highs. maybe listen this time