Credit card debt rises to $1.26T, nearing all-time record

Credit Cards Credit card debt rises to $1.26 trillion, nearing all-time record Strong consumer spending plus rising prices are factors. Americans' credit card debt reached $1.26 trillion, increasing by $21 billion in the second quarter of this year, according to new data Tuesday from the Federal Reserve Bank of New York. Overall, outstanding credit card balances are now just shy of the $1.28 trillion all-time record set in the fourth quarter of last year. Strong consumer spending typically results in higher credit card debt. Economists have also pointed to rising prices, including for essentials like groceries and gas, as a factor behind rising card balances. Many households are also behind on their card payments. The percentage of credit card balances that were more than 90 days delinquent rose from 7.6% to 12.8% from mid-2022 through early 2026. "There are a lot of households who live paycheck to paycheck, and it just needs one thing to happen to them that could lead to a delinquency," New York Fed researchers said on a call with reporters on Tuesday. But researchers also noted the higher delinquency rates can be attributed to old outstanding debts rather than people falling behind on new charges to their cards. Americans' debt on auto loans and home equity lines of credit also increased from April through June, while student debt and mortgage debt decreased. Driver accused of trying to run over couple and their dog during walk at the park in LA Jewelry, handbags stolen in overnight burglaries at 2 San Fernando Valley homes San Diego 18-year-old pleads guilty to kicking protected sea lion in attack caught on video 22 minutes ago In total, U.S. household debt stands at $18.8 trillion. Auto loan debt at $1.71 trillion is a new record high. Breakdown of U.S. household debt by category: Mortgages: $13.12 trillion Auto debt: $1.71 trillion Student debt: $1.65 trillion Credit card debt: $1.26 trillion Home equity lines of credit: $459 billion The New York Fed report is based on an anonymized, nationally representative sample drawn from Equifax credit report data. Related Topics SOCIETY CREDIT CARDS DEBT U.S. & WORLD SHOPPING INFLATION GAS PRICES Do you tap to pay? 'Ghost tapping' scams could target your money US household debt hits new record high: Report Should you freeze your credit to protect yourself? Airline credit card policy nearly strands couple abroad | What to know Driver accused of trying to run over couple and their dog at LA park 2 San Fernando Valley homes targeted in overnight burglaries San Diego man pleads guilty to kicking sea lion in viral attack 22 minutes ago At least 1 student among 5 people shot at Virginia State University Tropical Storm Lala strengthens to hurricane, forecasters say Rare hammerhead shark sighting off Malibu Pier caught on video Riverside County firefighters meet baby they helped deliver Deputies shoot, kill suspect who allegedly fired at SoCal Edison crew