BREAKING: Credit card serious delinquencies rose +0.4 percentage points in Q1 2026, to 13.1%, the highest since Q4 2010. This is only below the 2010 peak of 13.7%, in the aftermath of the 2008 Financial Crisis. Since Q3 2022, serious credit card delinquencies have surged +5.5 percentage points, even larger than the +3.9 point increase in 2007-2010. Furthermore, student loan 90+ days delinquencies jumped +0.7 percentage points in Q1 2026, to 10.3%, the highest since Q1 2020. Auto loan serious delinquencies increased +0.4 percentage points, to 5.6%, the highest on record. US consumers are falling behind debt at a crisis pace.(The Kobeissi Letter)