U.S. consumers are struggling to make credit card payments, with delinquencies surging to levels not seen in 15 years, according to a report.

Credit Card Delinquencies Reach Multi-Year High

According to an X post by The Kobeissi Letter on Monday, "US consumers are falling behind debt at a crisis pace."

Serious credit card delinquencies rose 0.4 percentage points to 13.1% in the first quarter, the highest level since the fourth quarter of 2010 and just below the 2010 peak of 13.7% in the wake of the 2008 financial crisis.

Since the third quarter of 2022, credit card delinquencies have surged 5.5 percentage points, "larger than the +3.9 point increase in 2007-2010," the letter said.

Student Loans and Autos Flash Red Signal

Student loan delinquencies of 90+ days jumped 0.7 percentage points to 10.3% in the first quarter, the highest since the first quarter of 2020. "Auto loan serious delinquencies increased +0.4 percentage points, to 5.6%, the highest on record," the letter added.

The recent data show that federal student debt in delinquency jumped by $12.2 billion to an all-time high of $171.4 billion in the first quarter of 2026. Around 2.6 million borrowers entered default during the first quarter, following roughly 1 million defaults in the fourth quarter of 2025. Serious delinquency rates reached 10.3%, the highest level since early 2020.

This trend underscores the increasing repayment stress across American households, particularly as the average borrower entering default has aged to nearly 40 years old, up from 36.4 years old in 2020.