New Data From FRBNY Shows Household Consumer Debts at All-Time Highs

May 12, 2026 | WASHINGTON, D.C. — Today, the Federal Reserve Bank of New York (FRBNY) published new data showing that the share of Americans behind on a range of household consumer debts reached all-time highs in the first quarter of 2026. As the nation hurdles toward an historical record of $19 trillion in total household debt, Americans saw the highest rates of auto loan delinquency that FRBNY has ever recorded, rates of credit card delinquency near those last seen at the height of the 2008 financial crisis, and student loan delinquency at its worst since before the COVID-era payment pause. 

Additional FRBNY research released today shows that delinquent borrowers are likely to be behind on more than one type of loan at once, a sign that consumers are caught in a perfect storm of financial strain as prices rise and savings thin.

“Working families are at a breaking point and desperately need relief. Instead, President Trump is bragging about his plans for a new White House ballroom while his head economist touts families’ surging debts as a sign of a booming economy,” said Protect Borrowers Executive Director Mike Pierce. “These numbers tell the real story: Trump’s economy has driven up costs, his Administration has failed to address—and in many cases, worsened—an historic cost-of-living crisis that is crushing everyday Americans under stagnant wages and rampant price-gouging by grocery conglomerates, data centers, corporate landlords, and private equity firms. Making matters worse, Trump’s war with Iran is pushing inflation to record levels and forcing Americans to feel the economic pain at the pump. It is clear that President Trump is not only failing to ‘Make America Affordable Again’ but is actively pushing millions of families further into the red.” 

According to the FRBNY, Americans have taken on an additional $18 billion in household debt since the final quarter of 2025. Americans now owe $591 billion more than they did in the first quarter of 2025, bringing total household debt to an all-time high of $18.8 trillion. 

While families took on more debt, they also fell behind. Credit card delinquency rates are now the highest they have been in 16 years (13.1 percent). Overall student loan delinquency rates soared to 10.3 percent, the highest recorded since 2020. Significantly more student loan borrowers are also entering serious delinquency, with their loans more than 90 days past due (10.9 percent) compared to the first quarter of 2025 (8.0 percent). In fact, delinquency rates have increased for all credit types tracked by the FRBNY since the final quarter of 2025.

View the Fed’s new data here: https://www.newyorkfed.org/microeconomics/hhdc

View additional analysis the Fed conducted on federal student loan defaults here: Federal Student Loan Defaults Return After Pandemic Pause

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About Protect Borrowers

Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.

Learn more at protectborrowers.org or follow us on social @BorrowerJustice.