High-income Americans are increasingly falling behind on debt payments: Delinquencies on credit card and auto loan debts from Americans making at least 150,000/year have jumped +18% over the last 2 years. This is nearly double the rate for the 45,000-150,000 income group. At the same time, low-income borrowers have seen increases of +8.1% in auto loan delinquencies and +2.5% in credit card delinquencies. Meanwhile, the share of Americans making late credit card payments in the highest-income zip codes has surged TWICE as much as in the lowest-income zip codes over the last year, according to the St. Louis Fed. High rates are clashing with a weak labor market. US consumers are under pressure.(The Kobeissi Letter)