How Distressed Are Consumers? Reconciling Diverging Credit Card Delinquency Measures - Liberty Street Economics
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August 11, 2026
How Distressed Are Consumers? Reconciling Diverging Credit Card Delinquency Measures
Donghoon Lee, Daniel Mangrum, Joelle W. Scally, Tejas Sinha, and Wilbert van der Klaauw
Total debt balances declined slightly by $13 billion in the second quarter of 2026, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Mortgage and student loan balances saw a small decline, while there were increases across other debt products. Delinquency rates across most products remained fairly stable. Still, between 2022:Q3 and 2026:Q1, the percentage of credit card balances 90+ days delinquent rose from 7.6 percent to 12.8 percent, prompting concerns that Americans are falling behind on their debt payments at rates not seen since...