Credit card debt rises to $1.26 trillion, nearing all-time record - ABC7 Los Angeles
Credit Cards
Credit card debt rises to $1.26 trillion, nearing all-time record<br>Strong consumer spending plus rising prices are factors.
ByElizabeth Schulze<br>Wednesday, August 12, 2026 3:20PM
Strong consumer spending plus rising prices are factors.<br>WPVI
Americans' credit card debt reached $1.26 trillion, increasing by $21 billion in the second quarter of this year, according to new data Tuesday from the Federal Reserve Bank of New York.<br>Overall, outstanding credit card balances are now just shy of the $1.28 trillion all-time record set in the fourth quarter of last year.<br>Strong consumer spending typically results in higher credit card debt. Economists have also pointed to rising prices, including for essentials like groceries and gas, as a factor behind rising card balances.<br>Customer making a swift contactless payment with a black credit card at a modern point of sale terminal.<br>By Jonathan
Many households are also behind on their card payments.<br>The percentage of credit card balances that were more than 90 days delinquent rose from 7.6% to 12.8% from mid-2022 through early 2026.<br>"There are a lot of households who live paycheck to paycheck, and it just needs one thing to happen to them that could lead to a delinquency," New York Fed researchers said on a call with reporters on Tuesday.<br>But researchers also noted the higher delinquency rates can be attributed to old outstanding debts rather than people falling behind on new charges to their cards.<br>Americans' debt on auto loans and home equity lines of credit also increased from April through June, while student debt and mortgage debt decreased.<br>In total, U.S. household debt stands at $18.8 trillion.<br>Auto loan debt at $1.71 trillion is a new record high.
Breakdown of U.S. household debt by category:
Mortgages: $13.12 trillion<br>Auto debt: $1.71 trillion<br>Student debt: $1.65 trillion<br>Credit card debt: $1.26 trillion<br>Home equity lines of credit: $459 billion
The New York Fed report is based on an anonymized, nationally representative sample drawn from Equifax credit report data.
Report a correction or typo<br>Copyright © 2026 ABC News Internet Ventures.<br>Related Topics<br>SOCIETY<br>CREDIT CARDS<br>DEBT<br>U.S. & WORLD<br>SHOPPING<br>INFLATION<br>GAS PRICES
Do you tap to pay? 'Ghost tapping' scams could target your money
US household debt hits new record high: Report
Should you freeze your credit to protect yourself?
Airline credit card policy nearly strands couple abroad | What to know
Watch Live
ON NOW
Driver accused of trying to run over couple and their dog at LA park
2 San Fernando Valley homes targeted in overnight burglaries
At least 1 student among 5 people shot at Virginia State University
Tropical Storm Lala strengthens to hurricane, forecasters say
Rare hammerhead shark sighting off Malibu Pier caught on video
Riverside County firefighters meet baby they helped deliver
Deputies shoot, kill suspect who allegedly fired at SoCal Edison crew
New CA bill aims to impose 50% tax on for-profit detention centers