A record $17.8 trillion in household debt An all-time high of $12.5 trillion in mortgages A peak of $1.6 trillion in auto loans Nearly $1.6 trillion in student loans, close to record levels An unprecedented $1.1 trillion in credit card debt The U.S. federal government debt has already surpassed $35 trillion The budget deficit as a percentage of GDP is at levels not seen since World War II.

Household debt has surged by 53% over the past decade, and credit card debt alone has jumped 50% since 2020.

At the same time, delinquency rates for credit cards and auto loans are approaching the levels last seen in 2008.

Consumers are battling inflation by piling on debt.

This is a recipe for disaster.