U.S. credit card debt hit $1.26 trillion in Q2, nearly matching last year's record high, per New York Fed data. Serious delinquencies are climbing since 2022 as households stretched thin by rising costs rack up balances. "There are a lot of households who live paycheck to paycheck, and it just needs one thing to happen to them that could lead to a delinquency," Fed researchers noted. Total household debt now stands at $18.8 trillion, with auto loans also at record levels.