General · 13 August 2026

US credit card debt hits $1.26tn, near last year's record

America's credit card debt grew by $21 billion, or 1.7%, in the second quarter, bringing the total to $1.26 trillion. The Federal Reserve Bank of New York reported that this figure is slightly below last year's record high of $1.28 trillion. High inflation is making it harder for many households to afford essentials, leading them to carry balances, an economics professor said.

By BriefTea Editorial · 13 August 2026 at 7:41

Reported by Guardian · How we write briefs

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How does inflation affect debt? Why does US debt matter globally? What is 'carrying a balance'?

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