BREAKING: US household debt fell -$13 billion in Q2 2026, to $18.77 trillion, the 3rd-highest level on record. This marks the first quarterly decline since the 2020 pandemic. However, since the end of 2019, total household debt has surged +$4.63 trillion. The Q2 decrease was driven by mortgage debt, which fell -$74 billion, to $13.12 trillion. At the same time, student loan balances declined -$7 billion, to $1.65 trillion, the lowest since Q2 2025. Meanwhile, credit card debt rose +$21 billion, to $1.26 trillion, the 2nd-highest on record. Auto loans jumped +$28 billion, to $1.71 trillion, an all-time high. Are American households approaching their debt limit?(The Kobeissi Letter)