Report: Credit card debt projected to decrease $61B

Report: Credit card debt projected to decrease $61B

June 1, 2026/
Spread the love

By Christine Johnson
The Center Square

It is predicted that there will be a $61 billion decrease in credit card debt based on new data set to be released on Friday by the Federal Reserve, according to a new report from WalletHub.

If proven true, the decrease in debt could affect millions of people, as roughly 191 million Americans own at least one credit card, according to Forbes in 2026.

WalletHub predicts that credit card debt will decline by $61 billion during the first quarter of 2026. This projected decrease is 6% lower than the previous first quarter years.

If confirmed by Friday’s Federal Reserve data release, WalletHub’s projection would mark a significant turnaround from recent years, with total credit card debt expected to fall to roughly $1.35 trillion, about 14% below its record high.

Despite the projected decrease, WalletHub still predicts that the total credit card debt will increase by $60 billion dollars in 2026.

John Kiernan, a WalletHub Editor, said this data may look promising in the first and second quarter, but debt typically picks up more during the end of the year.

“Consumers typically shed some debt in the first quarter, then gradually regain it throughout the year, before really packing it on during the holidays,” Kiernan said.

The official data from the Federal Reserve is set to be released this Friday at 4 p.m.

Leave a Comment





Latest News Stories

With shutdown over, fight over Obamacare reform is on

With shutdown over, fight over Obamacare reform is on

By Thérèse BoudreauxThe Center Square With the record-long government shutdown finally over, Republicans are ramping up conversations about how to reform Obamacare and address the rising cost of insurance premiums....
Feds launch initiative to conduct welfare checks on unaccompanied minors

Feds launch initiative to conduct welfare checks on unaccompanied minors

By Bethany BlankleyThe Center Square U.S. Immigration and Customs Enforcement has launched an initiative with state and local law enforcement 287(g) partners to locate roughly 450,000 “unaccompanied alien children” (UACs)...
Will County Board Land Use Committee Graphic.1

Will County Committee Denies Appeal for Crete Township ‘Tiny Home’ Permit

Will County Land Use & Development Committee Meeting | November 6, 2025 Article Summary: The Will County Land Use and Development Committee on Thursday upheld the denial of a temporary use...
Judge: Biden-era decree deal requires release of 600+ from ICE detention

Judge: Biden-era decree deal requires release of 600+ from ICE detention

By Jonathan Bilyk | Legal NewslineThe Center Square A Chicago federal judge appointed by former President Joe Biden has ruled potentially hundreds of illegal immigrants must be released from federal...
Poll: Majority believe free speech in U.S. headed in wrong direction

Poll: Majority believe free speech in U.S. headed in wrong direction

By Sarah Roderick-FitchThe Center Square An overwhelming majority of Americans believe freedom of speech is headed in the wrong direction, according to a new poll. The Foundation for Individual Rights...
Illinois quick hits: Chicago treasurer to boycott U.S. securities to protest against Trump; Governor marks opening of new union training center; Illinois farms expected to lose $67.2 million a year

Illinois quick hits: Chicago treasurer to boycott U.S. securities to protest against Trump; Governor marks opening of new union training center; Illinois farms expected to lose $67.2 million a year

By Jim Talamonti | The Center SquareThe Center Square Treasurer to boycott U.S. Treasury securities to protest against Trump Chicago’s finances may take another hit after City Treasurer Melissa Conyears-Ervin...
Trump signs executive order to improve foster care

Trump signs executive order to improve foster care

By Morgan SweeneyThe Center Square In line with First Lady Melania Trump’s efforts to improve the foster care system, the president signed an executive order Thursday to better support foster...
Hegseth announces Operation Southern Spear, targeting narco-terrorists

Hegseth announces Operation Southern Spear, targeting narco-terrorists

By Sarah Roderick-FitchThe Center Square Operation Southern Spear, the new title for the Trump administration’s targeting of narco-terrorists in and around Latin America, was announced Thursday by Secretary of War...
Justice Department accuses California of racial gerrymandering in redistricting plan

Justice Department accuses California of racial gerrymandering in redistricting plan

By Brett RowlandThe Center Square The U.S. Department of Justice sued California officials Thursday over the state's redistricting plan, which could help Democrats pick up additional seats in Congress. The...
Illinois quick hits: WARN Act reporting shows 1,600 job losses in October

Illinois quick hits: WARN Act reporting shows 1,600 job losses in October

By Jim Talamonti | The Center SquareThe Center Square WARN Act reporting shows 1,600 job losses in October The Illinois Worker Adjustment and Retraining Notification (WARN) Act for October reports...
Pritzker, alders oppose Chicago tax plans, property tax hike could be next

Pritzker, alders oppose Chicago tax plans, property tax hike could be next

By Jim Talamonti | The Center SquareThe Center Square (The Center Square) – As the Chicago City Council considers 2026 budget measures, Mayor Brandon Johnson’s proposed tax hikes continue to...
State Department designates European Antifa groups foreign terror organizations

State Department designates European Antifa groups foreign terror organizations

By Sarah Roderick-FitchThe Center Square The U.S. State Department officially designated four foreign Antifa groups as foreign terrorist organizations, nearly two months after President Donald Trump designated Antifa a domestic...
NetChoice scores legal win in social media warning lawsuit

NetChoice scores legal win in social media warning lawsuit

By Elyse ApelThe Center Square A U.S. District Court recently granted a preliminary injunction against a new Colorado law that would require social media platforms to regularly send pop-up notifications...
Union Pacific–Norfolk Southern merger draws more support as critics push back

Union Pacific–Norfolk Southern merger draws more support as critics push back

By Tom JoyceThe Center Square Support is growing for the proposed merger between Union Pacific and Norfolk Southern as federal regulators continue reviewing what would become the first transcontinental freight...
TSA agents who worked throughout shutdown to receive $10,000 bonus

TSA agents who worked throughout shutdown to receive $10,000 bonus

By Thérèse BoudreauxThe Center Square The Department of Homeland Security will issue $10,000 bonus checks to Transportation Security Administration (TSA) agents who demonstrated “exemplary” behavior and work attendance during the...