Summary
Consumer lender stocks fell sharply as recession fears grow, with major credit card companies down an average of 12% this year versus 4.5% for the S&P 500.
While previous delinquency spikes were false alarms, new concerns have emerged: inflation-adjusted household credit card debt exceeds $10,000 for the first time since 2009, and Trump administration officials signal willingness to accept economic pain.
Particularly worrying is the doubling of late payments among high-income earners ($150,000+) over two years.
Despite Americans having solid balance sheets, consumer confidence is weakening, which could trigger a sharp spending pullback.
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