US consumer delinquencies are surging: 3.0% of auto loans transitioned into 90+ days delinquency in Q3 2025, the highest in 15 years. At the same time, 7.1% of credit card debt became seriously delinquent, near the highest in 14 years. Student loan serious delinquencies spiked +13.5 percentage points YoY, to 14.3%, an all-time high. This followed the expiration of the student loan relief period, as missed payments began reappearing on credit reports. Mortgage delinquencies also increased, with 1.3% transitioning into serious delinquency last quarter, the highest in 8 years. Consumers are drowning in debt.(The Kobeissi Letter)