BREAKING: US household debt jumped +$185 BILLION in Q2 2025, to a record $18.39 trillion.

This puts total household debt up +$592 billion in 12 months.

The surge was driven by mortgage debt, which rose +$131 billion in Q2, to a record $12.94 trillion.

Credit card debt rose +$27 billion, to $1.21 trillion, just shy of an all-time high.

Student and auto loans climbed +$7 billion and +$13 billion, to $1.64 trillion and $1.66 trillion, respectively, both hitting records.

Americans are piling on debt.

✒️: The Kobeissi letter