Credit card balances are on the rise as of mid-2026, according to a new quarterly report on household debt from the Federal Reserve Bank of New York released Tuesday. Balances rose by $21 billion in the second quarter to a collective $1.26 trillion — nearing last year's all-time high of $1.28 trillion. The total is up 1.7% from the previous quarter. The percentage of credit card balances in "late-stage delinquency," or over 90 days past due on payments, jumped to 12.8% from 7.6% in the second quarter, "prompting concerns that Americans are falling behind on their debt payments at rates not seen since the Great Recession," the New York Fed researchers said in a corresponding blog post. However, "this is a lagging indicator and reflects past charge-off debts that are sticking around on credit reports," the New York Fed researchers said on a press call Tuesday.