US credit card debt passes $1 trillion for the first time


Credit card debt in the US surpassed $1 trillion for the first time in history, the Federal Reserve Bank of New York reported on August 8. Total household debt increased by $16 billion in the quarter, totalling around $17 trillion.

For seven quarters, credit card balances in the US have grown year on year. “The second quarter of 2023 saw a brisk 16.2% increase from the previous year, continuing this strong trend,” said the New York Fed.

Delinquency rates in the quarter remained both low and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account