U.S. hits record $17.8 trillion in household debt; credit card and auto loan delinquencies nearing 2008 highs.

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U.S. household debt has reached a record $17.8 trillion as of the second quarter of 2024. This includes significant increases in mortgage balances, auto loans, and credit card debt.

Regarding delinquencies, there has been a notable rise. Serious delinquencies (90 days or more overdue) for credit card debt have surged to 7.18%, and auto loan delinquencies have also increased. These levels are approaching those seen during the 2008 financial crisis.

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