US household debt ticks up to new all-time high as inflation continues to rise
Summary
U.S. household debt reached a new record of $18.8 trillion in the first quarter of 2026, driven mainly by higher mortgage and auto loan balances. Inflation also rose, reaching its highest level in three years, while some consumers are struggling to keep up with payments, especially on student loans.Key Facts
- Total household debt in the U.S. hit $18.8 trillion in early 2026.
- Mortgages make up $13.2 trillion of this debt.
- Auto loan debt increased to $1.69 trillion.
- Student loan debt slightly fell to $1.66 trillion, but over 10% of these loans are overdue.
- Credit card debt dropped by $25 billion in the first quarter, with total credit card balances at $1.25 trillion.
- Inflation rose 3.8% in April compared to the previous year, the highest in three years.
- The Federal Reserve Bank of New York said overall credit is stable but noted risks for younger and lower-income Americans.
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