Americans Now Being Strangled By Highest Amount Of Credit Card Debt In History
American consumers are accumulating a record amount of credit card debt, according to the Federal Reserve Bank of New York’s household debt report released Tuesday.
American consumers are accumulating a record amount of credit card debt, according to the Federal Reserve Bank of New York’s household debt report released Tuesday.
Consumers dealing with the increased cost of living have continued to grow their credit card debt, CNBC reported. Sustained mortgage, student and auto loan borrowing has driven total household debt to record-high rates, the New York Fed reported.
Credit card debt grew $22 billion in the third quarter of 2026 to an outstanding total balance of $1.29 trillion, according to the New York Fed report. Total household debt ballooned by $334 billion in the same period to a total of $19.1 trillion.
Debt in some stage of delinquency is up 0.3% in the third quarter to a total of 5%, the New York Fed reported. The average outstanding credit card balance stands at an average of $6,678 per consumer, a TransUnion report said.
Young people are accumulating the most debt, pressured by inflation and affordability concerns. Over half of Americans under age 30 reported using payment assistance for expenses.