US Credit Card Debt Hits $1.26 Trillion, Near Record High
The Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York, published on Tuesday, reveals that credit card debt for Americans rose to $1.26 trillion in the second quarter of 2026. This marks a $21 billion increase from the previous quarter, bringing the total card debt close to the $1.28 trillion high reached in the last quarter of the previous year. As reported by ABC News, the findings emphasize the persistent financial pressure on households that are increasingly dependent on credit cards for their expenses. This near-record debt level raises economic concerns amid ongoing high interest rates and inflation, highlighting the difficulties many Americans face in achieving financial stability.
Key facts
- Credit card debt reached $1.26 trillion in Q2 2026.
- Quarterly increase was $21 billion.
- The peak was $1.28 trillion in Q4 of the previous year.
- Data from Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit.
- Report released on Tuesday.
- Covered by ABC News.
- Near all-time record.
- Indicates financial strain on households.
Entities
Institutions
- Federal Reserve Bank of New York
- ABC News
Sources
- Quartz —