Americans put their credit cards back to work in the second quarter. The Federal Reserve Bank of New York’s Household Debt and Credit Report, released August 11, shows credit-card balances climbed $21 billion to reach $1.26 trillion as of the end of June 2026.
That’s a notable reversal from Q1 2026, when balances actually fell by $25 billion to $1.25 trillion. The earlier decline was largely attributed to the predictable post-holiday hangover, where consumers collectively pay down the damage from November and December spending sprees.
The bigger picture on household debt
Credit cards are just one slice of the consumer borrowing pie, and the full pie is enormous. Total US household debt stood at $18.8 trillion at the end of Q1 2026.
The NY Fed’s Consumer Credit Panel, built on data from Equifax, tracks mortgages, student loans, auto loans, and credit cards. Notably, the report does not include any coverage of cryptocurrency or related assets.
