Household debt and cap rate

Hi, I would like to know the relationship between “household debt / GDP” and cap rates.
From what I understood, if yield rises then cap rates will also rise (cyclical). Also, when credit spread widens, then cap rates will also rise (counter cylical). So those two combined effects offset each other and so cap rates aren’t that sensitive to changes in the economic cycle.

I would like to confirm that if household debt to GDP decreases, cap rates will either rise or decrease.