U.S. credit card debt hits a record $1.29 trillion
Credit card balances rose $22 billion in the third quarter to a record $1.29 trillion, and total U.S. household debt hit $19.1 trillion, also a record, according to the Federal Reserve Bank of New York.
What the report shows
The Federal Reserve Bank of New York said Tuesday that credit card balances rose $22 billion in the third quarter to a record $1.29 trillion, up 4.2% from a year earlier. Total household debt, including mortgages, auto loans and student loans, grew $334 billion, or 1.8%, to a record $19.1 trillion.
Mortgage balances rose $257 billion to $13.4 trillion, and auto loan balances increased $21 billion to $1.73 trillion. Home equity lines of credit also grew, rising $23 billion in the quarter. Aggregate limits on credit cards kept rising, with a $115 billion uptick in the quarter.
- Credit card balances$1.29 trillion, up $22 billion
- Total household debt$19.1 trillion, up $334 billion
- Mortgage balances$13.4 trillion, up $257 billion
- Auto loan balances$1.73 trillion, up $21 billion
- Credit card delinquency (90+ days)12.90%
Delinquency stays elevated
The share of outstanding debt in some stage of delinquency worsened, to 5% from 4.7%, the report said. Transition into early delinquency kept ticking up for auto loans and mortgages, but improved slightly for credit cards.
The 90-day delinquency rate on credit cards was 12.90%, versus 12.41% in the same quarter last year, but slightly down from 12.92% in the second quarter of 2026. Card balances first topped $1 trillion in the second quarter of 2023 and have climbed 61% over the past five years.
What it means for households
The average credit card balance per consumer now stands at $6,678, up 2.4% year over year, according to a separate TransUnion report. New York Fed researchers said on a press call that overall debt "has been growing," and a companion analysis from the bank found the strain is heaviest in lower-income neighborhoods.
The report landed the same day October inflation figures were released. With the market betting on another Federal Reserve rate hike in December, the cost of carrying card balances — most of which track the Fed's rate — could rise further.
This post summarizes reported facts and our view of the risks involved. It is not a forecast and not investment advice.
