Something unprecedented happened in the second quarter: aggregate household debt balances declined by $13 billion, a 0.1% decline from Q1. Auto loan balances rose by $28 billion (1.7%), and credit card balances increased by $21 billion (1.7%). The notable thing here is the record surge in subprime originations (highest number of originations for sub 660 FICO applicants)...... which was largely the result of a surge in 30-50 year olds getting a new auto loan. In case going NINJA on auto loans wasn't enough, along with record credit card balances, we saw a much higher jump in credit card limits. And, ominously, as new delinquencies rise, the number of 90+ days delinquent loans are already near record highs for both credit cards, auto loans and student loans.