Every quarter, the Federal Reserve Bank of New York publishes a snapshot of what American households owe, built from a large sample of anonymized credit reports. Here is what the most recent report, covering the second quarter of 2026, shows, alongside the latest rate data, and what it means if you are paying down debt yourself.
The headline numbers
Total household debt was $18.77 trillion at the end of June 2026. That was $13 billion lower than the first quarter, a slight dip driven by mortgages, but $383 billion higher than a year earlier.
| Category | Balance, Q2 2026 | Change from Q1 | Change from Q2 2025 |
|---|---|---|---|
| Mortgages | $13.117 trillion | −$74 billion | +$182 billion |
| Auto loans | $1.713 trillion | +$28 billion | +$58 billion |
| Student loans | $1.651 trillion | −$7 billion | +$13 billion |
| Credit cards | $1.263 trillion | +$21 billion | +$54 billion |
| Home equity lines (HELOC) | $459 billion | +$13 billion | +$48 billion |
| All household debt | $18.771 trillion | −$13 billion | +$383 billion |
What the debt costs
Balances only tell half the story. The other half is the rate:
- Credit cards: the average rate on accounts that were charged interest was 22.36% in August 2026, according to the Federal Reserve.
- Mortgages: the average 30-year fixed rate in Freddie Mac’s weekly survey was 7.32% on October 22, 2026.
At those rates, $1.263 trillion of card balances is the most expensive debt most households carry. For perspective, a $6,000 card balance at 22.36% costs about $112 a month in interest before a single dollar of principal is repaid.
Delinquencies: where stress is showing
The New York Fed tracks the share of balances moving into serious delinquency (90 or more days late) over the past year:
| Category | Q2 2025 | Q2 2026 |
|---|---|---|
| Credit cards | 6.93% | 6.97% |
| Auto loans | 2.93% | 3.00% |
| Mortgages | 1.29% | 1.52% |
| HELOC | 1.15% | 1.15% |
| Student loans | 12.88% | 7.83% |
| All debt | 2.91% | 2.57% |
Three things stand out:
- Credit card and auto delinquencies remain elevated. The New York Fed described new delinquencies for both as remaining at elevated levels.
- Mortgage stress is rising from a low base. The flow into serious delinquency rose from 1.29% to 1.52%.
- Student loan figures are distorted. The drop reflects the re-reporting of defaulted student debt, not necessarily better repayment. Former SAVE borrowers moving to new plans, including the Repayment Assistance Plan, add more uncertainty.
Overall, 4.7% of outstanding household debt was in some stage of delinquency, a slight improvement.
Credit limits keep growing
Card limits continued to rise, and HELOC limits grew too. More available credit is not a problem by itself; it lowers utilization ratios, which can help credit scores. It also makes it easier for balances to climb again after they are paid down.
What this means for your own plan
National numbers do not change your balance, but they do explain the environment you are paying it down in:
- Card debt is the priority. At more than 22% on average, every extra dollar on a card balance earns more than almost any safe investment. See how much a fixed payment saves with the credit card payoff calculator.
- Order matters with several debts. Rates on cards, auto loans and personal loans differ widely. The snowball vs. avalanche calculator shows which order saves the most.
- Do not count on rates falling soon. With mortgage rates above 7% and card rates above 22%, plan around today’s rate. If rates do fall, you can refinance later.
- Watch for payment shocks. Variable-rate cards and HELOCs, and borrowers moving between student loan plans, can see payments change quickly.
We update this post when the New York Fed publishes each new quarterly report.