Credit card balances are ticking higher in 2025, according to a new quarterly report on household debt from the Federal Reserve Bank of New York.

Balances rose by $27 billion in the second quarter to a collective $1.21 trillion — in line with last year’s all-time high. The total is up 2.3% from the previous quarter.

At the same time, “we are still seeing elevated delinquency rates for credit cards,” the New York Fed researchers found, with 6.93% of balances transitioning to delinquency over the last year.

Separate data from Equifax found that many consumers continue to spend, despite elevated prices and high borrowing costs, while credit card delinquency rates remain relatively flat.