Transition rates into early delinquency, essentially the share of accounts newly falling behind, ticked down slightly for two major categories. Mortgage early delinquency transitions fell from 3.9% to 3.8%. Credit cards account for $1.25 trillion, auto loans $1.69 trillion, and student loans $1.66 trillion. If fewer accounts are newly falling behind, it suggests that the deterioration in consumer credit quality may be decelerating rather than accelerating. First, whether the slight improvement in early delinquency transitions accelerates or reverses in Q3 data.