U.S. credit card balances rose to $1.29 trillion in the third quarter of 2026, adding to the cost of carrying debt for millions of borrowers. A CBS News personal-finance article published Nov. 13 urged consumers to begin assessing repayment options before 2027 rather than waiting until January.
Household credit card balances increased by $22 billion from the previous quarter, according to the Federal Reserve Bank of New York. That is the latest available quarterly figure and is higher than the $1.26 trillion total recorded in the second quarter.
Interest and holiday spending can add to balances
Interest can cause unpaid balances to grow over time, while paying only the minimum may leave borrowers carrying debt longer. CBS outlined options including making extra payments, using a debt snowball or avalanche approach, and seeking credit counseling or a debt management plan.
Starting research now could help borrowers choose an approach before the holiday season and avoid using the first weeks of the new year solely to compare options. The article also warned that seasonal spending may add to balances, though it did not establish how much holiday borrowing would rise in 2026.
Interest rates are another uncertainty. The Federal Reserve’s policy can influence borrowing costs, but a rate increase at its December meeting was not confirmed in the information available. Borrowers should not treat a possible change as a settled decision.
Not every cardholder needs a debt relief service, and available options vary. Consumers considering outside help can compare fees and terms and review whether a nonprofit credit counselor or a direct repayment strategy better fits their circumstances.
Reid Bentley