The U.S. Now Has:

1. Record $17.7 trillion in household debt

2. Record $12.4 trillion in mortgages

3. Record $1.6 trillion in auto loans

4. Near record $1.6 trillion in student loans

5. Near record $1.1 trillion in credit card debt

Total mortgage debt is more than double the 2006 peak and total credit card debt is up ~50% since 2020.

In Q1 2024 alone, ~9% of credit card balances and 8% of auto loans (annualized) transitioned into delinquency.

Higher rates are taking their toll on consumers with record high debt balances.