WSJ reports that millions of Americans with subpar low credit scores are falling behind on paying their credit cards and automobile and personal loans. This is an ominous sign the ‘strong consumer’ narrative is cracking.

Data from credit-reporting firm Equifax Inc shows a rise in the share of 60-day delinquencies for subprime credit cards and personal loans. Those delinquencies hit an eight-month high in March, nearing levels not seen since before the virus pandemic.

Equifax’s data also showed subprime car loans and leases soared to a record-high in February. The data goes back to 2007.

There’s new concern about the consumer’s health. A little over a week ago, the latest data from the Federal Reserve showed credit card debt in March had the largest increase on record at $52.4 billion.

The historic credit-fueled purchases come as any “excess savings” consumers had during the pandemic have been entirely wiped out. Or viewed in another way: consumers are tapped out.