Yahoo Finance
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Credit card balances are rising to near record highs, according to the Federal Reserve Bank of New York's new quarterly report on household debt and credit.
The report shows total household debt decreased by $13 billion in the second quarter of 2026, to $18.8 trillion.
However, credit card balances rose by $21 billion to stand at $1.26 trillion — a 1.7% increase from the previous quarter and nearing last year's high of $1.28 trillion.
"Delinquency rates across most products remained fairly stable," the New York Fed researchers wrote in ablog post.
However, the percentage of credit card balances in "late-stage delinquency," or more than 90 days past due, rose from 7.6% to 12.8% between the third quarter of 2022 and the first quarter of 2026.
"Delinquency rates across most products have held steady over the past two years," said Joelle Scally, economic policy advisor at the New York Fed, in a statement.
"Still, new delinquencies for auto loans and credit cards remain at elevated levels, a trend we'll continue to monitor." Read more:How to work with a credit card debt collector Rising prices, including for groceries and gas, and high interest rates are putting more pressure on household budgets, economists say.
TheConsumer Price Index(CPI) rose 3.4% for the 12 months ending July, slightly down from June's 3.5% annual increase.
The energy index increased 14.7% for the 12 months ending July, and the food index increased 3% over the past year.
As a result, many consumers are turning to their credit cards to cover everyday expenses, as one survey shows.
More than half of American consumers carry credit card balances to cover the rising cost of essential expenses, with 25% carrying these debts for six months or longer, according to a recent survey byAchieve, a digital personal finance platform.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
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| EN590 Diesel | $846/MT | +0.18% |
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| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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