wages increases are not keeping up with rent hikes
this is why delinquencies are starting to tick back up, specially in the auto
There’s a section of the auto-loan market — known in industry parlance as deep subprime — where delinquency rates have ticked up to levels last seen in 2007, according to data compiled by credit reporting bureau Equifax.
US aggregate household debt balances increased for the 12th consecutive quarter in Q2 to $12.84 trillion, a $114 billion (0.9%) increase from Q1, according to The Federal Reserve Bank of New York. Household debt is now 15.1% above what it was just four years ago.
…the Fed is on path to backdoor the United States into a recession