{"id":17364,"date":"2026-11-11T11:33:49","date_gmt":"2026-11-11T08:33:49","guid":{"rendered":"https:\/\/harici.com.tr\/en\/?p=17364"},"modified":"2026-11-11T11:57:05","modified_gmt":"2026-11-11T08:57:05","slug":"us-credit-card-debt-hits-record-1-29-trillion-new-york-fed-reports","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/us-credit-card-debt-hits-record-1-29-trillion-new-york-fed-reports\/","title":{"rendered":"US credit card debt hits record $1.29 trillion, New York Fed reports"},"content":{"rendered":"

Americans’ credit card debt reached<\/a><\/span> a record $1.29 trillion in the third quarter, according to a new report published by the New York Fed.<\/p>\n

Falling behind on credit card payments can trap struggling households in a cycle of fees, credit score downgrades, and increasingly expensive borrowing.<\/p>\n

Although delinquency rates across the country have shown improvement, the latest figures indicate that financial distress is concentrated in lower-income communities.<\/p>\n

Consumer credit card balances rose by $22 billion in the third quarter, representing an increase of 1.7%. This figure is $52 billion higher than it was a year earlier.<\/p>\n

The figures are not adjusted for inflation, which may mean that part of the increase reflects rising prices rather than more borrowing in real terms.<\/p>\n

Total household debt, which includes mortgages, student loans, and auto loans, rose by $334 billion in the third quarter to reach a record $19.1 trillion.<\/p>\n

This total represents an increase of $5 trillion compared to 2019, just before the pandemic.<\/p>\n

The volume of credit card balances falling into serious delinquency is declining, indicating some improvement in Americans’ ability to make their payments on time.<\/p>\n

The rate of credit card debt transitioning into serious delinquency fell to 6.9% in the third quarter. However, this rate remains distinctly higher than the 5.2% recorded prior to the pandemic.<\/p>\n

Americans living in lower-income neighbourhoods are facing greater difficulty in keeping up with their credit card payments compared to more affluent groups, according to a separate report published by the New York Fed on Tuesday.<\/p>\n

Delinquency rates across all neighbourhood income tiers remain above pre-pandemic levels, while the gap between the wealthiest and poorest areas has widened since 2022.<\/p>\n

In the lowest-income neighbourhoods, 10.3% of credit card balances transitioned into serious delinquency over the past year.<\/p>\n

This is more than double the 4.4% rate observed in the wealthiest neighbourhoods.<\/p>\n

The average credit card balance per borrower now stands at $6,678, according to TransUnion’s third-quarter analysis report.<\/p>\n

Among borrowers under the age of 30, the rate of credit card debt falling at least 90 days delinquent reached the highest level, according to the Fed’s report.<\/p>\n

Democrats won the midterm elections promising to bring down prices, but delivering relief that voters can genuinely feel in their household budgets will be a difficult target to achieve.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Americans’ credit card debt reached a record $1.29 trillion in the third quarter, according to a new report published by the New York Fed. Falling behind on credit card payments can trap struggling households in a cycle of fees, credit score downgrades, and increasingly expensive borrowing. Although delinquency rates across the country have shown improvement, […]<\/p>\n","protected":false},"author":1,"featured_media":17365,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[176],"tags":[23107,6760,23104,15174,23103,1081,23102,917,4051,23110,23105,23101,23109,23106,23108,821],"class_list":["post-17364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-america","tag-auto-loans","tag-borrowing-costs","tag-consumer-credit","tag-credit-card-debt","tag-delinquencies","tag-democrats","tag-household-debt","tag-inflation","tag-interest-rates","tag-lower-income-households","tag-mortgages","tag-new-york-fed","tag-personal-finance","tag-student-loans","tag-transunion","tag-us"],"yoast_head":"\nUS credit card debt hits record $1.29 trillion, New York Fed reports - Harici<\/title>\n<meta name=\"description\" content=\"US credit card debt hit a record $1.29 trillion in the third quarter as lower-income households faced heightened strain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/harici.com.tr\/en\/us-credit-card-debt-hits-record-1-29-trillion-new-york-fed-reports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US credit card debt hits record $1.29 trillion, New York Fed reports - 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