Americans' credit card debt reaches nearly $1.3 trillion

Mortgage balances, student loans and car loans are also up.

Americans are carrying a record high amount of credit card debt, totaling nearly $1.3 trillion, according to a new report released by the Federal Reserve Bank of New York.

The New York Fed's third quarter report for 2026 shows Americans' credit card balances have increased by about $52 billion since 2025 and now stand at around $1.285 trillion, with debt jumping approximately 62%, or $500 billion, within the last five years. Credit card debt has continued to rise since reaching $1.26 trillion in the second quarter of this year.

The Board of Governors of the Federal Reserve System estimates that about 82% of adults had a credit card in 2025, and the average credit card interest rate is currently about 21%.

Other loans, such as mortgages, student loans, and car loans, have also been on the rise, especially with the average price of a car now totaling about $51,000, due to inflation, global conflict, and increased energy costs, according to Edmunds and Kelley Blue Book.

Overall, the New York Fed notes that the total amount of household debt rose in the third quarter to about $19.1 trillion, an increase of nearly 2% or about $334 billion.

For consumers looking for assistance with credit card debt, the Federal Trade Commission recommends discussing options with credit card companies, negotiating lower interest rates and proposing realistic payment plans.

"Keep good records of who you talk to, what you agreed to do, and next steps," the FTC says. "Make sure they send a written version of any agreement you make -- and save it until all your payments are made, to avoid any future issues."