24% of Americans with a credit record are behind on their debts, new analysis finds

November 10, 2026 / 3:05 PM EST / CBS News

More Americans are tumbling seriously into debt as prices and the overall cost of living continue to rise.

Roughly 24% of people with a credit record are behind on medical bills, student debt, or auto or retail loans, according to a new analysis from the Urban Institute, a nonpartisan think tank. The median balance owed: $2,913. In communities of color, 30% of people are behind on payments, with a median debt in collection of $3,009.

"The increasing cost of living makes it harder for people to make payments on basic needs," Breno Braga, senior fellow in the family and financial well-being division at the Urban Institute, told CBS News.

Rising interest rates this year as the Federal Reserve tries to tame inflation are also making it harder for people to catch up. "It's a reflection of the financial life of Americans these days as we know it," Braga added.

Consumers' credit card balances have surged to a record $1.29 trillion, up nearly 70% from five years ago, according to new figures from the Federal Reserve Bank of New York.

Years of high prices have forced Americans to deplete their savings…

Original source: https://www.cbsnews.com/moneywatch/