Serious delinquencies are skyrocketing in the US: Credit card delinquencies rose +0.3 percentage points in Q4 2025, to 12.7%, the highest since Q1 2011. This is only below the 2010-2011 period when delinquencies peaked at 13.7%, in the aftermath of 2008. Since Q3 2022, serious credit card delinquencies have risen +5.1 percentage points, a larger increase than in 2008-2009. At the same time, transitions into 90+ days delinquent credit card debt rose +10 bps, to 7.1%, the 3rd-highest since Q1 2011. Young Americans are being hit the hardest, with the 18-29 and 30-39 age groups transitioning into serious delinquency at rates of 9.5% and 8.6%, respectively. This is followed by the 40-49 and 50-59 cohorts, with transitions into serious delinquency reaching 8.1% and 6.2%, respectively. US consumers are falling behind on credit card debt at a crisis pace.(The Kobeissi Letter)