13% of US credit card balances are 90+ days delinquent, nearing 2011 highs

Nearly one in eight dollars owed on US credit cards is seriously overdue. The Federal Reserve Bank of New York’s latest data shows that 12.92% of credit card balances were 90 or more days delinquent in Q2 2026, barely off the 13.1% recorded in Q1, which marked the highest reading since 2011.

To put that in perspective, total revolving credit card debt sits at roughly $1.26 trillion. So we’re talking about an enormous pile of money that borrowers have essentially stopped paying back on schedule.

A five-point jump in three years

Serious credit card delinquencies bottomed out during the pandemic years, when stimulus checks, enhanced unemployment benefits, and reduced spending opportunities kept household balance sheets unusually healthy.

By 2022, the 90-plus-day delinquency rate was sitting around 7.6%. It has since climbed roughly five percentage points. That crisis peaked at 13.7% in early 2010. The current figure of 12.92% is uncomfortably close, separated by less than a single percentage point.

One important caveat: the NY Fed’s data, drawn from the anonymized Equifax Consumer Credit Panel, measures delinquency differently than what individual banks report. The 30-plus-day delinquency rate on credit card loans stood at just 2.92% in Q1 2026 when measured by bank-reported figures. The gap exists because the Fed’s panel captures the full universe of consumer credit files, including subprime borrowers and accounts that banks may have already charged off or sold to debt collectors. Bank-reported numbers tend to reflect their active, performing portfolios.

Why the consumer balance sheet looks strained

Total US household debt actually ticked down slightly to $18.8 trillion in Q2 2026. The stress is concentrated among borrowers who relied on credit cards to bridge the gap between pandemic-era financial cushions and the reality of persistent inflation in groceries, rent, and insurance over the past three years.

Credit card interest rates have remained elevated, with most variable-rate cards tied to the federal funds rate. Borrowers who fell behind in 2023 or 2024 have watched their balances compound at annual rates that can exceed 25%. Once a balance goes 90 days past due, the math for catching up becomes brutal. Minimum payments barely cover the interest accruing on the delinquent amount, let alone chip away at the principal.

What this means for the broader economy

The comparison to 2010-2011 is instructive but imperfect. Back then, the delinquency surge coincided with mass unemployment and a housing collapse. Today, the labor market remains relatively intact and home equity is near record levels for homeowners. The pain is more narrowly concentrated among renters and lower-income households who never benefited from asset price appreciation.

The Q2 dip from 13.1% to 12.92% could signal a plateau, or it could be seasonal noise. Credit card delinquencies tend to tick down in the spring as tax refunds provide temporary relief. The Q3 and Q4 readings will be far more telling about whether this cycle has peaked or whether the Great Recession high-water mark of 13.7% is still in play.

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