BREAKING: US household debt jumped +$18 billion in Q1 2026, to a record $18.8 trillion. Total household debt has surged +$4.6 trillion since January 2020. The increase was driven by mortgage debt, which rose +$21 billion, to a record $13.2 trillion. Auto loans also jumped +$18 billion, to $1.7 trillion, also an all-time high. Meanwhile, credit card debt declined -$25 billion, to $1.3 trillion, the 2nd-highest on record. Furthermore, student loan balances fell -$6 billion, to $1.7 trillion, also the 2nd-highest on record. This comes as delinquency rates on credit card debt and student loans increased to levels last seen near the post-2008 Financial Crisis peaks, weighing on the ability of consumers to take on additional debt. How much more debt can American households take?(The Kobeissi Letter)