Credit card debt rises to $1.26T, nearing all-time record

Americans' credit card debt reached $1.26 trillion in the second quarter of 2026, approaching the all-time record of $1.28 trillion set in late 2025, driven by strong consumer spending and rising prices for essentials like groceries and gas. Delinquency rates have also risen significantly, with 12.8% of credit card balances more than 90 days overdue as of early 2026, up from 7.6% in mid-2022, though researchers attribute some of this to old outstanding debts rather than new defaults.