U.S. Credit Card Debt Hits $1.26 Trillion, Near Record High

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

New data from the Federal Reserve Bank of New York shows credit card debt rose by $21 billion in Q2 to $1.26 trillion, just shy of the all-time record. Strong consumer spending and higher prices for essentials like groceries and gas are driving the increase. Delinquency rates have also climbed, with 12.8% of balances over 90 days past due, though researchers attribute this to older debts rather than new charges. Overall household debt stands at $18.8 trillion, with auto loans hitting a record $1.71 trillion.