The latest consumer credit report released by the New York Federal Reserve has intensified the decline in U.S. stocks, and since $BTC is highly correlated with the U.S. stock market, it is difficult for Bitcoin to withstand pressure alone when the Nasdaq drops more than 2%.

In the second quarter of 2025, U.S. household debt reached $18.39 trillion, and by the third quarter of 2025, this figure rose to $18.59 trillion, an increase of $200 billion, setting a historical high for U.S. household debt, indicating that the overall debt level of American residents is expanding.

The main reason for this expansion is that the proportion of mortgage loans has reached 70%, with total debt amounting to $13.07 trillion, an increase of $137 billion, creating a new record.

Additionally, auto loans, credit card debt, and student loans all have high proportions, with credit card loans increasing by $24 billion, reaching $1.23 trillion, also surpassing the historical high. Student loans increased by $15 billion, reaching $1.65 trillion, once again setting a record for the highest debt.

This new high in total debt, along with many subcategories also reaching new highs, indicates that American households still rely on credit to maintain consumption. The report shows that in the third quarter, 4.5% of the debt entered a "troubled state" (over 90 days overdue), slightly increasing from the previous quarter.

Especially concerning are credit cards (with a 9.1% delinquency rate) and auto loans (with a 3.2% delinquency rate). Under high interest rates (with average credit card rates exceeding 21%), this could explode after the fourth quarter Christmas shopping season. If the Federal Reserve continues to maintain high interest rates without lowering them, the risk of default among residents may gradually accumulate.

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