Credit card balances in the US increased by $45 billion, from $986 billion in Q1 2023 to an all-time high of $1.03 trillion in Q2 2023, marking a 4.6% quarterly increase. This reflects robust consumer spending as well as higher prices due to inflation. Credit card delinquencies are at an 11-year high, as measured using a four-quarter average. However, the quarter-to-quarter trend appeared less alarming, with New York Fed researchers noting a levelling out near pre-pandemic levels in the most recent two quarters.