BREAKING: US consumers now see a 15.3% chance of missing a minimum debt payment over the next 3 months, the highest since April 2020. This is also the 2nd-highest reading since the 2013 peak. The sharpest increases were among respondents above age 60 and those with a high school degree or less. The highest delinquency risk, at 22.5%, was reported by households earning below $50,000. Since February 2022, consumer debt delinquency expectations have surged +6.1 percentage points as consumer financial distress has intensified. Meanwhile, US household debt soared +$197 billion in Q3 2025, to a record $18.59 trillion. Consumers are drowning in debt.(The Kobeissi Letter)