U.S. credit card debt grows by $21 billion in second quarter to $1.26 trillion

U.S. credit card debt increased to $1.26 trillion in the second quarter of fiscal 2026, nearing the all-time record. Compared with the previous quarter, credit card debt went up by $21 billion, a 1.7% increase, according to a Federal Reserve Bank of New York report. Credit card debt makes up around 7% of what Americans owe, which is $18.77 trillion. Mortgages comprise most of that debt, at around 70%, followed by student and auto loans at 9% apiece, credit card debt, various other forms of debt at 3% and home equity revolving debt at 2%, per the new report. The amount of what Americans owe on auto loans is also increasing — by $28 billion to $1.71 trillion, a 1.7% increase from the first quarter of fiscal 2026. By comparison, student loan debt declined, dropping 0.4% to $1.65 trillion, the latest bank report said. The national record for credit card debt was set in the fourth quarter of fiscal 2025 at $1.28 trillion, according to CNBC. The debt then dropped by $25 billion to $1.25 trillion in the first quarter of 2026, a “seasonal decrease,” according to a Federal Reserve Bank of New York report from last quarter. Between the second quarter of fiscal 2025 and the same period this year, American credit card debt rose by $54 billion, the bank said in a press release Tuesday. In the same time frame, auto debt has gone up $58 billion, student loan debt $13 billion, mortgage debt $182 billion, home equity line of credit debt $48 billion and other debt $28 billion, the bank said.