Auto delinquencies are at a new record and credit cards are near record high.
I downloaded the Fed Household Credit Report and created some new charts. The report is sobering except for housing.
90-Day Delinquency by Loan Type
- Credit Card: 13.12 percent 2026 Q1 vs 13.74 GFC Peak
- Student Loan: 10.34 percent 2026 Q1 vs 11.83 GFC Peak
- Auto Loans: 5.60 percent 2026 Q1 vs 5.27 GFC Peak
- Mortgage: 1.09 percent 2026 Q1 vs 8.89 GFC Peak
- Home Equity Line of Credit HELOC: 0.95 percent 2026 Q1 vs 4.93 GFC Peak
- Other: 9.76 percent 2026 Q1 vs 11.30 GFC Peak
- All: 3.36 percent 2026 Q1 vs 8.71 GFC Peak
Mortgages and HELOCs obscure the totals.
2026 Q1 90+ Day Delinquencies vs GFC Peak Nominal Dollars
In nominal dollars Autos, credit card, student loans and other are higher now than in the Great Financial Crisis (GFC).
2026 Q1 90+ Day Delinquencies vs GFC Peak Real Dollars
2026 Q1 90+ Day Delinquencies vs GFC Peak Real Dollars
In real dollars, where things matter most, autos, credit card, student loans and other are also higher now than in the Great Financial Crisis (GFC).
90-Day vs 60-Day Delinquent
| Category | Balance (Trillions) | 90+ Days Delinquent % | 90+ Days (Billions) | 60+ Days Delinquent % | 60+ Days (Billions) |
|---|---|---|---|---|---|
| Auto Loans | $1.685 | 5.60% | $94 | ~8.0% | ~$135 |
| Credit Cards | $1.252 | 13.1% | $164 | ~16.5% | ~$207 |
| Student Loans | $1.658 | 10.3% | $171 | ~12.8% | ~$212 |
| Other | $0.562 | 9.76 | $55 | ~12.0% | ~$67 |
| Total Non-Housing | $5.157 | — | $484 | — | ~$621 |
90-Day Delinquent in Billions Excluding Housing
- Auto Loans: $94
- Credit Cars: $164
- Student Loans: $171
- Other: $55
- Total Non-Housing: $484
60-Day Delinquent in Billions Excluding Housing
- Auto Loans: $135
- Credit Cars: $207
- Student Loans: $212
- Other: $67
- Total Non-Housing: $621
Excluding housing there is about $621 billion in 60-day or longer delinquencies.
People are paying their mortgages but struggling mightily everywhere else. Somehow the DOW isn’t helping.
Related Posts
May 12, 2026: CPI Hotter than Expected, Highest in Three Years, a Genuine Disaster
Inflation in April was another scorcher. Here are some month-over-month and year-over-year charts.
May 17, 2026: Ground Beef Soars to $6.90 per Pound. Trump Has No Winning Actions
Trump is boxed in on agriculture and the War in Iran.
The BLS must be “Recession Deniers”. There is only one statistic left that has not indicated the economy is in a recession, and that’s 2 consecutive quarters of contraction.
Just more inflationary depression. Could get interesting if that loose credit dries up.
On a different note, you cannot compare apples and oranges.
Before GFC, there was a semblance of credit integrity, or credit worthiness.
That has been thrashed and destroyed over and over again: deadbeats, bailouts is the moral of the land.
Hence, it’s par for to go with the crowd and when the crowd becomes mainstream, wait for a bailout, in all shapes or forms.
You can thank the Supreme court for removing usury laws. We necessarily have regulated capitalism, not Laissez-faire economics.
Hawaii has found a way to muzzle Citizens United so who knows, states will find a way to regulate other stuff.
https://www.ms.now/ali-velshi/watch/hawaii-just-found-a-way-around-citizens-united-other-states-are-following-2501173315542
Like any Depression, debt deflation is a thing. The difference between now and 1929 is the market can be manipulated to allow the wealthy to retain capital. All else can go down in flames.
Amazing Trump has just about backstabbed everyone
Looks like the answer will be another taxcut for the rich.
DOW New Highs Today! Rejoice Slaves!
This is why I pointed out the price of oil this morning because it lacks, IMO, the fact that its price isn’t a reflection of international investors flocking to it (unlike US equities) for both safety and returns.
This fact, IMO, has more to do with US stock makets increasing vs the manipulation of Trump.
This can’t be said about oil, however, IMO (due to supply side constraints – which again is odd to see its price this low this morning).
gotta do what you gotta do: Man Sticks Power Washer Engine In Barbie Power Wheels Car To Keep Gas Budget In Check
https://www.jalopnik.com/2179104/power-washer-engine-barbie-power-wheels-car-high-gas-prices/
Inflation Is Stinging Bonds—With One Big Exception
https://www.barrons.com/articles/inflation-bonds-tips-dbec0330
You know what’s really odd is the price difference between WTI (~93) and Brent (~99) this morning. The morning after, I might add, both Iran and the US exchanged limited fire on each other.
It doesn’t make sense that WTI would drop ~5 dollars this morning, IMO. It should be kissing 100, if not at 100+.
Given this I will assume all this talk about a deal, especially the condition that the gulf states have to sign onto the Abraham Accord, over the holiday weekend was nothing more but Trump manipulating markets again.
It’s clear both Iran and the US are still much to far from one another to make a deal possible (again given the excange of fire). So what gives?
I would also like to add that neither WTI nor Brent reflect the situation happening between Israel and Lebanon that started this weekend.
This is a red line for Iran in negotiations, for Iran wants Israel to stop bombing Lebanon and assured it never does again in order for a peace deal to be signed.
So yeah, IMO, (especially) WTI is way too low for the reality of this situation this morning.
Trump needs his scripted gamed market trades, you didn’t think about his needs, now did you? Those always come first.
Trump’s turd economy catching up to consumers. With interest rate cuts now out of the question there won’t be any refinancing to lower rates. Credit card interest rates may actually soar.
The same holds true for those extend and pretend commercial real estate loans.
https://fred.stlouisfed.org/series/DRCRELEXFACBS
That chart should have a spike if it were reflecting reality. No matter though, AI is decimating white collar jobs so no need for office space and some of us still work from home so double whammy.
Do worry, Trump & Walrus will find a way to make things even worse.™
Who does Trump work for?
Israel. Isn’t that obvious?
– Auto delinquencies are at a new record and credit cards are near record high. > I blame Banks 100%! So now they can repossess the autos, and then resell them to more people that become indebted. And so the cycle continues. They do this with homes too, but with Condos it works best. You can continually flip them, due to the low cost. Banks can find ways to get loans to people for a lot less money much easier, and pull the rug out even easier…
> They have a fool proof way in doing so as follows: CC Debt gets extended multiple times along the way. Build up the debt slowly, and then pull the cards and attach assets if they have them. Take every last penny that they can, and then destroy their credit for a decade, so other banks know not to deal with them. Student Loan debt was easy, as they “Must Pay Them Back” or everything is attached until it is. Life delaying, if not destroying type of debt. Auto loans similar, as the repossess and resell. Same with Mortgages to a degree, but much more convoluted. Home Equity lines are house attached CC debt in essence.
>> IMO, these loans are all set up as such. They are designed to fail, and loss is predetermined when the loans are given out. School loans you simply had to just ask for, and they were yours! Pretty much the same with Autos with repossess, and Homes as they can foreclose, so always a way to take back what you sold, and leave the party in shambles economically. Great economic model for the wealthy to get rich, but horrible for the Consumer, and the Country overall imo…
>>> Excluding housing there is about $621 billion in 60-day or longer delinquencies. Sounds like a good way to gather up debt servitude in a hurry. We are lending our Citizens way more than we should, as banks need to make money. The backs of American Consumers is who they are after to get it!!!
Who doesn’t love CC’s? You fill your desires immediately, but don’t have to pay for them until later, if at all according to the amount of delinquent borrowers. Then look at 1943 consumer debt levels at around 6.6B Vs. 2025 consumer debt levels at around 5T. So the banks just keep on lending, and as a result they are creating debt slaves. Not a very intelligent way to lend money, if you wish to get it back. Can’t get blood out of a stone…
– In 2025, about 33.5% of federal student loan borrowers were aged 25 to 34, making this the largest age group for student loans. Additionally, 42.8 million Americans had federal student loan debt, reflecting significant borrowing among younger adults. > One could also say, that the banks went lending crazy, if they loaned out that much money, and expected to get it all back. School loans you can attach pay for, but how much can you take from how little they make? Can you reduce people to poverty and homelessness by crushing them financially? If so, then was this the end game? Get people so indebted that they become financial slaves?
I think along the same lines, but debt is not some drug being pushed on unwitting victims.
Despite what they teach in economic textbooks, the capitalist system can *never* be at equilibrium because of how it is structured. I’ve read a lot of economics and it was CH Douglas who made the light bulb go off for me.
In order for the system to sustain itself and not collapse it either needs: 1) a continually expanding economy or 2) continually expanding debt to paper over the imbalances in an economy. No surprise at all that we have an economy “addicted to debt” since it’s the easiest way to achieve the balance.
Failure is a normal part of Capitalism. That includes both business failures and failures to repay debt (business and personal).
Somewhere along the line people (especially politicians) convinced themselves that there need not be any failures. That’s the mistake.
Once “Bailout” became common place in 1980 or so, it just kept on trucking as the method to use for everything and everyone. Look where that got us…
Well stated!
I think all the “educational institutions” should be prosecuted for fraud, and forced to compensate all the people they induced to study nonsense for the time wasted. No doubt the victims had foolish ideas too, but they weren’t in a position to know better.
Middle-class city people, whose parents have some background in education, have some chance of avoiding the nonsense courses, but working-class people and rural people don’t. They are apt to take the bad advice from student advisors.
Government-controlled education is one of the most evil aspects of our society. People are forced initially, and later led on by deception, to spend the most important years of their lives listening to government propaganda, when they could be learning something real. It has been going on for much too long.
As I understand it, government-controlled education was a military thing originally. Bismarck adopted a military training system that was already in use in Prussia when he united most of Germany. Germany as a whole was too big a country for other countries to ignore: they had to adopt this military innovation, just as all countries that want to stay in the top league must adopt all useful military innovations taken up by their competitors. Military necessity of course trumps everything, but this military innovation was soon taken over by women and degenerates to impose decadence on society.
One thing just about all universities do (regardless if they are left/right/religious/etc.) is they support the status quo of keeping the wealthy and/or powerful in charge.
The head of the Harvard economics dept. (Mankiw) is basically an intellectual midget who doesn’t actually understand how the economy works, but because he memorized the standard neoclassical textbooks and schmoozed his way up, is now a very well paid individual whose job is to brain-wash the students into accepting neoclassical economics as gospel.
So students never question the “system” or understand what causes debt to accumulate to the point it brings the whole system down and then we get recessions/depressions/currency collapses or even war in order to wipe the debt clean.
No doubt, it’s been spiraling that way exponentially since Covid.
The fact Ross clothing is doing gangbuster business should scream dads CC is on hold.lol
if it wasnt for the Great Recession
we couldnt have this incoming Greater Recession
feel free to replace Recession with Depression if/when things shift
In Australia 742 gas stations are out of fuel.
New Zealand has15.8 days of Diesel left with another 4.6 days confirmed en route.
Diesel is $8.00 per Lt in India and 30% of the trucking industry is under severe stress as shipping volume of all goods collapses.
So the importance of an SPR, and not digging into it to lower cost artificially, has been shown as a real thing. All Countries should have a reserve, and use it wisely to get through these situations. Our World was used to getting what they ask for, and when they ask for it. That is no longer the case for the foreseeable future by the looks of things… We will be rationed, we will wait for things, and we will not be getting money thrown at us when asked for either, for awhile anyway, until the banks get back on top of things.
In 2026, and moving forward, The “Word” is “Ration” so get used to it.
Intentionally disrupting the world economy and causing massive food shortages for the sake of Israels obsessive aggression is not something to be proud of. Trump is supposed to be working for America and not the benefit of a theocracy. If you were familiar with the first amendment you would see Trump as nothing but a tool and sell out.
At least China built up its SPR while oil was cheap. Trump just played “Look at me signing this” and naming a ballroom after himself.
I love America but want trump and his merry band of sycophants voted out of office.
– Trump is supposed to be working for America. > He is, as taking the Nuclear capability away from a Country that vows to strike America endlessly. Would you prefer he await them actually having the capability, and then using it on America, because he was complacent? You can’t have it both ways.
– If you were familiar with the first amendment. > I am, and nowhere does it mention Nuclear Weapons and/or the use of such. From America or anywhere else.
– At least China built up its SPR while oil was cheap. > Smart Country!! We gave ours away to Zelensky to sell for profit, and to piss Russia off.
– I love America but want trump and his merry band of sycophants voted out of office. > I love America as well, and he will be out soon enough, but let’s hope it isn’t by someone even worse, which would be very easy to do, given the candidates on each side at the moment. Not to mention some of the ideas being tossed around, whew!
This all happened because of low IQ voters like yourself, thanks a lot! And here you are, talking to hear your own idiot voice! Shameless fool.
And you’ll be dealing with these fools through 2036 until the majority die off, as long as boomers are voting, you’ll get more Trump-like clowns elected.
Got exit strategy (at least thru 2036)?
You are the fool! I voted for Trump, over Biden/Harris and that was the best move to make imo.
You are obviously stating that you would prefer Harris/Biden, and that’s what makes you a fool, if your serious…
You’re*
You are
No it wasn’t. You were the fool. That’s obvious.
Surprised anyone doesn’t have all his comments hidden, at this point. I’m turtle slow in hiding people lest I block a useless comment, but he passed the 90 day probationary period without usefulness so the block order went into effect.
“a Country that vows to strike America endlessly.” That is propaganda that has put on us endlessly. Israel and the U.S. are the world’s greatest terrorists. We have been attacking countries in the middle east for decades. Who has Iran attacked? We have killed millions of people there.
You just signaled him to pivot to the “Iran sponsoring state terror” which he cannot name either.
The nuclear capability that he got rid of already? The one Israel has been screaming about for over two decades? That nuclear capability?
I have a bridge to sell you if you’re interested.
Nuclear comes in many sizes. Maybe you were unaware, but there are things called dirty bombs and other names, that refer to nuclear, but not missiles like you elude to, which is what they took care of.
Iran could have made a dirty bomb at any time in the last forty years. That they did not should tell you something. I suppose you believe that Iraq has WMDs and they’re just really cleverly hidden.
A selection of warnings about an imminent Iranian nuclear weapon:
1984 – Jane’s Defense Weekly: Iran may have nuclear weapons within two years.
1992 – Benjamin Netanyahu: Iran close to having a bomb by 1999.
1993 – Yitzhak Rabin: Iran is building nuclear weapons, the world must act.
1995 – US government: Iran’s nuclear weapons plans must be stopped
1998 – Madeleine Albright: Iran is trying to acquire nuclear weapons.
2000 – Bill Clinton: Law against support for Iran’s weapons program.
2002 – George W. Bush: Iran threatens with nuclear weapons plans.
2004 – U.S. National Intelligence Estimate: Iran probably moving toward nuclear weapons.
2005 – Ariel Sharon: Iran close to technical solution for bomb.
2006 – George W. Bush: Iran’s nuclear plans threaten peace.
2007 – US intelligence: Iran paused its weapons program in 2003 but is rebuilding capacity.
2008 – Ehud Olmert: Iran close to irreversible nuclear weapons point.
2009 – Benjamin Netanyahu: Iran three to five years from bomb.
2010 – Barack Obama: Iran’s nuclear program a major threat.
2011 – Leon Panetta: Iran could have a bomb within a year.
2012 – Benjamin Netanyahu: Iran close to the “red line” for nuclear weapons.
2013 – Moshe Ya’alon: Iran very close to the nuclear threshold.
2014 – Benjamin Netanyahu: Iran on its way to becoming a nuclear power.
2015 – Benjamin Netanyahu: JCPOA (nuclear agreement with Iran) paves the way for Iran’s bomb.
2017 – Donald Trump: Iran could quickly obtain nuclear weapons.
2018 – Mike Pompeo: Iran is seeking nuclear weapons despite JCPOA.
2019 – Benjamin Netanyahu: Iran close to manufacturing an atomic bomb.
2020 – Donald Trump: Iran economically weak but nuclear threat remains.
2021 – Joe Biden: Iran must comply with JCPOA to stop nuclear weapons.
2023 – Yoav Gallant: Iran closer to the bomb than ever.
2024 – US intelligence: Iran months away from nuclear weapons.
2025 – Benjamin Netanyahu: Iran could build nine nuclear weapons.
2025 – Donald Trump: US could bomb Iran if nuclear program is not stopped.
Completely unknowable.
Never let a crisis go to waste. The bigger the crisis, the bigger the power grab.
This one needs to be big enough in order for the Confederacy to look like an option
This is just getting started…
Another Trump disaster!
Trump trigger of Barack Biden decay
Every one is all borrowed up. Credit creation has stalled out. You can feel the incoming collapse in the air.
Isn’t it convenient that the Federal government is stepping in as the “borrower of last resort” to keep the debt bubble going?
Deficit spending is currently $2 trillion annualized. They can easily get it up to $3 trillion with more war spending. Perhaps some “free money” gasoline rebate checks? The debt needs to keep piling up, or else!
Who makes money when there is major non repayment of debt? The US can’t repay it debt (so I’ve read) so they are going to do something else like devalue the currency. Why would any foreign county buy US debt knowing it is going to go unrepaid or devalued?
The US is not going to devalue – by normal meaning of the word. The dollar floats. there is nothing to devalue it to.
“normal meaning of the word”
I think there are more worthy instances for defending the meaning of language, Mish. The Fed clearly devalued the $ by doubling the Monetary base during the Faucian dystopia. Creating grotesque quantities of new $s ex nihilo to steal the value of existing $s in my savings account fits pretty well with the dictionary meaning of devalue: “to lessen the value of.”
Are they paying their mortgages, though? So many taxpayer-victimizing covid era extend and pretend loan mod programs are just now starting to be fully phased out.
Almost like he is trying to knock over that first cascading domino.
Major economic Crisis deadhead … very bad for the Republicans in November and beyond … People vote their pocketbooks …
Trump already annihilated the Republican party’s chances to win anything in 2026 and probably 2028 with his Kentucky massacre of democracy.
I agree he likely smoked the GOP chances economically…but this preposterous notion of “his Kentucky massacre of democracy” ignores that the citizens of Kentucky effing VOTED. Isn’t that democracy? Sure, he threw his endorsement to the other candidate–he’s done that dozens of times and lost–but he doesn’t even have one vote in Kentucky. Why do I keep reading nonsense, even from the blog author, that actual voting by actual living registered voters is antidemocratic because the outcome went the other way? I just don’t get it. It’s simple enough to hold your first statement to be true without tainting it with the falseness of the second part.
Setting aside the obvious fraud that most likely tipped the election, a foreign nation pumped millions into our own nation’s election…aka foreign interference aka death of American democracy. The demons even ran false ads that used AI imagery to portray Mr. Massie as having done things and gone places with “the squad” – that he never did. And the decrepit Boomers fell for it hook, line and sinker.
Hence the mad rush to disenfranchise those with pocketbook trouble. Not that I exalt those folks’ financial management generally. But my own perch in the middle class has some scenarios of possible precariousness.