Consumer Credit Stress Is Comparable to the Great Recession
Auto delinquencies are at a new record and credit cards are near record high.
I downloaded the Fed Household Credit Report and created some new charts. The report is sobering except for housing.
90-Day Delinquency by Loan Type
- Credit Card: 13.12 percent 2026 Q1 vs 13.74 GFC Peak
- Student Loan: 10.34 percent 2026 Q1 vs 11.83 GFC Peak
- Auto Loans: 5.60 percent 2026 Q1 vs 5.27 GFC Peak
- Mortgage: 1.09 percent 2026 Q1 vs 8.89 GFC Peak
- Home Equity Line of Credit HELOC: 0.95 percent 2026 Q1 vs 4.93 GFC Peak
- Other: 9.76 percent 2026 Q1 vs 11.30 GFC Peak
- All: 3.36 percent 2026 Q1 vs 8.71 GFC Peak
Mortgages and HELOCs obscure the totals.
2026 Q1 90+ Day Delinquencies vs GFC Peak Nominal Dollars
In nominal dollars Autos, credit card, student loans and other are higher now than in the Great Financial Crisis (GFC).
2026 Q1 90+ Day Delinquencies vs GFC Peak Real Dollars
2026 Q1 90+ Day Delinquencies vs GFC Peak Real Dollars
In real dollars, where things matter most, autos, credit card, student loans and other are also higher now than in the Great Financial Crisis (GFC).
90-Day vs 60-Day Delinquent
| Category | Balance (Trillions) | 90+ Days Delinquent % | 90+ Days (Billions) | 60+ Days Delinquent % | 60+ Days (Billions) |
|---|---|---|---|---|---|
| Auto Loans | $1.685 | 5.60% | $94 | ~8.0% | ~$135 |
| Credit Cards | $1.252 | 13.1% | $164 | ~16.5% | ~$207 |
| Student Loans | $1.658 | 10.3% | $171 | ~12.8% | ~$212 |
| Other | $0.562 | 9.76 | $55 | ~12.0% | ~$67 |
| Total Non-Housing | $5.157 | — | $484 | — | ~$621 |
90-Day Delinquent in Billions Excluding Housing
- Auto Loans: $94
- Credit Cars: $164
- Student Loans: $171
- Other: $55
- Total Non-Housing: $484
60-Day Delinquent in Billions Excluding Housing
- Auto Loans: $135
- Credit Cars: $207
- Student Loans: $212
- Other: $67
- Total Non-Housing: $621
Excluding housing there is about $621 billion in 60-day or longer delinquencies.
People are paying their mortgages but struggling mightily everywhere else. Somehow the DOW isn’t helping.