Not good..

BREAKING: Total US household debt increased by $109 billion in QQ 2024, to a new record of $17.8 trillion, according to the NY Fed.

Breakdown of the large categories:

1. Mortgage Debt: +$77 billion to $12.52 trillion

2. Auto Loans: +$10 billion to $1.63 trillion

3. Student…

— The Kobeissi Letter (@KobeissiLetter) August 7, 2024