The youngest adults are struggling the most with credit card debt. Fed data shows 18-29 year olds have the highest serious delinquency rates.

This isn't just a number. It's a generation entering their prime earning years already behind the eight ball. They're carrying balances they can't service, at rates that compound faster than their wages grow.

When the entry cohort into the consumer economy is maxed out before they've really begun, that's not a blip. That's a structural headwind.

Credit cards are the canary. They default first. And the canary is singing.