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International Business Times
International Business Times
Business

Americans Owe $1.26 Trillion on Credit Cards. New Report Sees a Development In The 'K-Shaped' Economy

Economy Federal Reserve Bank of New York Achieve
Credit card balances increased by $21 billion during the quarter, or 1.7%, according to the Federal Reserve Bank of New York's latest Quarterly Report on Household Debt and Credit released Tuesday. (Credit: Photo by DΛVΞ GΛRCIΛ/Pexels)

Credit card debt in the United States climbed to $1.26 trillion in the second quarter of 2026, bringing balances close to a record high as millions of households continue to rely on borrowing to manage stubbornly high living costs.

Credit card balances increased by $21 billion during the quarter, according to the Federal Reserve Bank of New York's latest Quarterly Report on Household Debt and Credit released Tuesday. The total is now approaching the record $1.28 trillion reached last year.

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