The Kobeissi Letter says consumer financial stress is intensifying, citing subprime loan delinquencies reaching 10% of outstanding debt, the highest in 11 years.
Financial stress among US consumers is intensifying:
The delinquency rate on subprime loans is up to 10% of total outstanding debt
the highest in 11 years
Subprime loans are those made to borrowers with a credit score below 660
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