Credit card balances fell in the first quarter of 2026, decreasing by $25 billion to $1.25 trillion, according to a new report on household debt by the Federal Reserve Bank of New York released Tuesday. Still, that's a 5.9% jump from a year earlier.

At the same time, mortgage debt , auto loans , and home equity lines of credit were all higher, the New York Fed found.

Overall, "household debt levels rose slightly, with modest increases in most debt types offsetting a seasonal decline in credit card balances," Daniel Mangrum, research economist at the New York Fed, said in a statement.

Near the end of the year, credit card debt often ticks higher as consumers increase their spending during the peak holiday shopping season.…