On the left, we show total assets and liabilities of U.S. households. Consumer balance sheets held up remarkably during the pandemic thanks to massive fiscal support. On the top right, we show the household debt service ratio, which is the percent of after-tax income used to make payments on mortgages and other consumer debt. After declining to a 40-year low during the pandemic, aggressive Fed tightening has contributed to higher household borrowing costs and a rise in this metric. On the bottom right, we show flows of auto and credit card loans into 30-day delinquency. After remaining flat for most of the prior decade, delinquencies are starting to increase.