NEW YORK — Americans are carrying a record $1.25 trillion in credit card debt while the share of balances that are seriously delinquent has climbed to its highest level in 15 years, according to data from the Federal Reserve Bank of New York.
The New York Fed reported that 13.12% of credit card balances were at least 90 days past due during the first quarter of 2026, the highest level since the years following the 2008 financial crisis.
The report also showed total credit card balances stood at $1.25 trillion at the end of March. While balances declined by $25 billion from the previous quarter because of seasonal repayment patterns following the holiday shopping season, they were still $70 billion higher than a year earlier and remain near record levels.
Debt Increase of $18 Billion
Overall household debt increased by $18 billion during the quarter to $18.8 trillion, driven by gains in mortgage, auto loan and home equity borrowing that offset the seasonal decline in credit card balances.
The elevated delinquency rate comes after several years of higher borrowing costs as interest rates rose alongside the Federal Reserve’s efforts to combat inflation. Average credit card interest rates have remained above 20%, increasing financing costs for consumers already facing elevated prices for necessities such as housing, groceries and utilities.
Some Stability
According to the New York Fed, overall household delinquency remained relatively stable, with 4.8% of outstanding debt in some stage of delinquency. Flows into serious credit card delinquency were largely unchanged during the quarter, suggesting the elevated share of severely delinquent balances reflects ongoing financial stress rather than a sudden deterioration.
Analysts say many consumers increasingly are relying on credit cards to cover everyday expenses rather than discretionary purchases, a trend that has broadened financial pressure beyond traditionally higher-risk borrowers.
