BREAKING: US household debt jumped +185 BILLION in Q2 2025, to a record 18.39 trillion. This puts total household debt up +592 billion in 12 months. The surge was driven by mortgage debt, which rose +131 billion in Q2, to a record 12.94 trillion. Credit card debt rose +27 billion, to 1.21 trillion, just shy of an all-time high. Student and auto loans climbed +7 billion and +13 billion, to 1.64 trillion and 1.66 trillion, respectively, both hitting records. Americans are piling on debt.(The Kobeissi Letter)