Credit Card Debt Mounts Amid Democrats' Push to Cap Interest Rates
Credit card balances hit a record $1.29 trillion as the New York Fed said 5.0% of outstanding debt was delinquent in September.
- On Wednesday, the Federal Reserve Bank of New York reported that U.S. household debt climbed to a record $19.1 trillion in the third quarter of 2026, rising 1.8% from the previous quarter.
- Mortgage debt accounted for most of the growth, rising $257 billion to $13.4 trillion, as the Federal Reserve Bank noted that mortgage originations were "notably up with $595 billion newly originated."
- Aggregate delinquency rates worsened during the period, with 5.0% of outstanding debt in some stage of delinquency, up 0.3 percentage points from the previous quarter.
- Ted Rossman, principal consumer finance analyst at MMI, said "The story behind the numbers is all about the rising cost of living," as personal loans for clients rose 11.5% year-over-year.
- With Democrats set to control Congress in January, Sen. Elizabeth Warren said Sunday she plans to codify interest rate caps, echoing President Trump's January call to limit credit card rates at 10 percent.
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Federal Reserve: Credit Card Debt At Record High
NBC News reports: Just one week after affordability took center stage in the midterm elections, fresh data shows Americans are heading into the holiday shopping season saddled with record credit card balances. Americans’ total credit card debt hit $1.29 trillion in the three months that ended in September — a rise of $22 billion over … The post Federal Reserve: Credit Card Debt At Record High appeared first on Joe.My.God..
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For generations, the American Dream followed a familiar path. Get a good job, buy a home, raise a family, and save enough to enjoy retirement. Each step was supposed to make the next one easier. Today, however, millions of households are finding that even a steady paycheck no longer guarantees financial progress. Housing costs have […]
U.S. Household Debt Hits Record $19.1 Trillion as Delinquencies Rise
NEW YORK, NEW YORK — U.S. household debt climbed to a record $19.1 trillion in the third quarter of 2026, while the share of debt falling behind on payments also increased, according to new Federal Reserve Bank of New York data. Total household debt rose by $334 billion, or 1.8%, from the previous quarter. Mortgages accounted for most of the increase, rising $257 billion to $13.4 trillion. Credit card balances increased by $22 billion to $1.29 t…
Total credit card debt in America has reached a record level. According to the latest report from the Federal Bank of New York, published on Tuesday, Americans collectively hold a record $1.29 trillion in credit card debt. This represents a 4.2 percent increase in total debt compared to a year earlier.
Americans now being strangled by highest amount of credit card debt in history
American consumers are accumulating a record amount of credit card debt, according to the Federal Reserve Bank of New York’s household debt report released Tuesday. Consumers dealing […]
U.S. household debt rises above $19 trillion as credit card balances hit a record $1.29 trillion
U.S. household debt surpassed $19 trillion in the third quarter, with credit card balances reaching a record $1.29 trillion and delinquency rates increasing, according to recent reports.
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