BREAKING: US household debt surged +197 BILLION in Q3 2025, to a record 18.59 trillion. This puts total household debt up +642 billion over the last 12 months. The surge was driven by mortgage debt, which rose +137 billion, to a record 13.07 trillion. Credit card debt climbed +24 billion, to 1.23 trillion, an all-time high. Student loans jumped +15 billion, to 1.65 trillion, also a record. Auto loans remained flat at 1.66 trillion but rose +11 billion YoY. Americans are piling on debt at a rapid pace.(The Kobeissi Letter)