Credit card debt rises to $1.26 trillion, nearing all-time record
Summary
Credit card debt in the U.S. rose to $1.26 trillion in the second quarter of 2026, approaching the highest level ever recorded. This increase is linked to strong consumer spending and higher prices for essentials like groceries and gas.Key Facts
- Credit card debt increased by $21 billion in the second quarter of 2026.
- The total outstanding credit card debt is near the record of $1.28 trillion set in late 2025.
- Rising prices for everyday items and strong consumer spending help push credit card balances higher.
- The share of credit card balances over 90 days late rose from 7.6% in mid-2022 to 12.8% in early 2026.
- Higher late payments are partly due to older debts rather than new missed payments.
- Auto loan debt reached a record $1.71 trillion, while student debt and mortgage debt went down.
- Total household debt in the U.S. is $18.8 trillion, including mortgages, auto loans, student loans, credit card debt, and home equity lines of credit.
- The data comes from the New York Federal Reserve, using credit report information from Equifax.
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