Squeezed by inflation, more Americans are falling behind on debt payments

TL;DR

Record highs in seriously delinquent auto loan balances and near-peak credit card delinquencies are reported.
Mortgage delinquency rates have reached a six-year high, and student loan delinquencies have jumped.
A growing percentage of household income is being spent on debt repayment, and more households are late on payments.
Individuals over 70 are experiencing the highest levels of auto loan and credit card delinquency in years.
Over half of Americans use credit cards for basic needs like groceries and rent, with inflation increasing their balances.
Despite solid economic indicators like GDP growth and low unemployment, Americans are frustrated with rising prices, which they deem the most important factor in their economic outlook.
Wage growth is not keeping pace with inflation, reducing purchasing power and consumer sentiment.
Many consumers plan to cut back on spending for necessities and discretionary items in the next year.

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