The New York Fed reports that debt levels have reached record highs—does this constitute the cost of prosperity?

According to the New York Federal Reserve's Q3 2026 report, Americans are carrying record-high credit card debt, totaling nearly $1.3 trillion. Over the past five years, credit card debt in the U.S. has risen by approximately 62%, or $500 billion. The Federal Reserve Board estimates that about 82% of American adults held a credit card in 2025, with the average interest rate on credit cards now around 21%. Meanwhile, other forms of lending—including mortgages, student loans, and auto loans—have also continued to rise, particularly amid inflationary pressures, global conflicts, and escalating energy costs, pushing the average vehicle price to approximately $51,000. The New York Fed noted that total household debt in the United States reached about $19.1 trillion in the third quarter.

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Original article: toutiao.com/article/1881900604744715/

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