{
  "generatedAt": "2026-09-08",
  "sources": {
    "balances": "https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/xls/HHD_C_Report_2026Q2.xlsx",
    "deflator": "BLS CPI-U, US city average, NSA (CUUR0000SA0), averaged to quarters"
  },
  "baseQuarter": "2026Q2",
  "series": [
    {
      "quarter": "2003Q1",
      "year": 2003,
      "nominalTrillions": 0.688,
      "cpi": 183,
      "realTrillions": 1.2558
    },
    {
      "quarter": "2003Q2",
      "year": 2003,
      "nominalTrillions": 0.693,
      "cpi": 183.667,
      "realTrillions": 1.2603
    },
    {
      "quarter": "2003Q3",
      "year": 2003,
      "nominalTrillions": 0.693,
      "cpi": 184.567,
      "realTrillions": 1.2542
    },
    {
      "quarter": "2003Q4",
      "year": 2003,
      "nominalTrillions": 0.698,
      "cpi": 184.6,
      "realTrillions": 1.263
    },
    {
      "quarter": "2004Q1",
      "year": 2004,
      "nominalTrillions": 0.695,
      "cpi": 186.267,
      "realTrillions": 1.2463
    },
    {
      "quarter": "2004Q2",
      "year": 2004,
      "nominalTrillions": 0.697,
      "cpi": 188.933,
      "realTrillions": 1.2323
    },
    {
      "quarter": "2004Q3",
      "year": 2004,
      "nominalTrillions": 0.706,
      "cpi": 189.6,
      "realTrillions": 1.2438
    },
    {
      "quarter": "2004Q4",
      "year": 2004,
      "nominalTrillions": 0.717,
      "cpi": 190.733,
      "realTrillions": 1.2557
    },
    {
      "quarter": "2005Q1",
      "year": 2005,
      "nominalTrillions": 0.71,
      "cpi": 191.933,
      "realTrillions": 1.2357
    },
    {
      "quarter": "2005Q2",
      "year": 2005,
      "nominalTrillions": 0.717,
      "cpi": 194.5,
      "realTrillions": 1.2314
    },
    {
      "quarter": "2005Q3",
      "year": 2005,
      "nominalTrillions": 0.732,
      "cpi": 196.867,
      "realTrillions": 1.242
    },
    {
      "quarter": "2005Q4",
      "year": 2005,
      "nominalTrillions": 0.736,
      "cpi": 197.867,
      "realTrillions": 1.2425
    },
    {
      "quarter": "2006Q1",
      "year": 2006,
      "nominalTrillions": 0.723,
      "cpi": 198.933,
      "realTrillions": 1.214
    },
    {
      "quarter": "2006Q2",
      "year": 2006,
      "nominalTrillions": 0.739,
      "cpi": 202.3,
      "realTrillions": 1.2202
    },
    {
      "quarter": "2006Q3",
      "year": 2006,
      "nominalTrillions": 0.754,
      "cpi": 203.433,
      "realTrillions": 1.238
    },
    {
      "quarter": "2006Q4",
      "year": 2006,
      "nominalTrillions": 0.767,
      "cpi": 201.7,
      "realTrillions": 1.2702
    },
    {
      "quarter": "2007Q1",
      "year": 2007,
      "nominalTrillions": 0.764,
      "cpi": 203.756,
      "realTrillions": 1.2525
    },
    {
      "quarter": "2007Q2",
      "year": 2007,
      "nominalTrillions": 0.796,
      "cpi": 207.662,
      "realTrillions": 1.2804
    },
    {
      "quarter": "2007Q3",
      "year": 2007,
      "nominalTrillions": 0.817,
      "cpi": 208.235,
      "realTrillions": 1.3106
    },
    {
      "quarter": "2007Q4",
      "year": 2007,
      "nominalTrillions": 0.839,
      "cpi": 209.716,
      "realTrillions": 1.3363
    },
    {
      "quarter": "2008Q1",
      "year": 2008,
      "nominalTrillions": 0.837,
      "cpi": 212.1,
      "realTrillions": 1.3182
    },
    {
      "quarter": "2008Q2",
      "year": 2008,
      "nominalTrillions": 0.85,
      "cpi": 216.757,
      "realTrillions": 1.3099
    },
    {
      "quarter": "2008Q3",
      "year": 2008,
      "nominalTrillions": 0.858,
      "cpi": 219.278,
      "realTrillions": 1.307
    },
    {
      "quarter": "2008Q4",
      "year": 2008,
      "nominalTrillions": 0.866,
      "cpi": 213.075,
      "realTrillions": 1.3576
    },
    {
      "quarter": "2009Q1",
      "year": 2009,
      "nominalTrillions": 0.843,
      "cpi": 212.015,
      "realTrillions": 1.3282
    },
    {
      "quarter": "2009Q2",
      "year": 2009,
      "nominalTrillions": 0.824,
      "cpi": 214.263,
      "realTrillions": 1.2846
    },
    {
      "quarter": "2009Q3",
      "year": 2009,
      "nominalTrillions": 0.812,
      "cpi": 215.718,
      "realTrillions": 1.2574
    },
    {
      "quarter": "2009Q4",
      "year": 2009,
      "nominalTrillions": 0.795,
      "cpi": 216.152,
      "realTrillions": 1.2286
    },
    {
      "quarter": "2010Q1",
      "year": 2010,
      "nominalTrillions": 0.7624,
      "cpi": 217.02,
      "realTrillions": 1.1735
    },
    {
      "quarter": "2010Q2",
      "year": 2010,
      "nominalTrillions": 0.7444,
      "cpi": 218.051,
      "realTrillions": 1.1403
    },
    {
      "quarter": "2010Q3",
      "year": 2010,
      "nominalTrillions": 0.7311,
      "cpi": 218.254,
      "realTrillions": 1.1189
    },
    {
      "quarter": "2010Q4",
      "year": 2010,
      "nominalTrillions": 0.7296,
      "cpi": 218.898,
      "realTrillions": 1.1133
    },
    {
      "quarter": "2011Q1",
      "year": 2011,
      "nominalTrillions": 0.6964,
      "cpi": 221.666,
      "realTrillions": 1.0494
    },
    {
      "quarter": "2011Q2",
      "year": 2011,
      "nominalTrillions": 0.6943,
      "cpi": 225.531,
      "realTrillions": 1.0283
    },
    {
      "quarter": "2011Q3",
      "year": 2011,
      "nominalTrillions": 0.6933,
      "cpi": 226.452,
      "realTrillions": 1.0227
    },
    {
      "quarter": "2011Q4",
      "year": 2011,
      "nominalTrillions": 0.704,
      "cpi": 226.108,
      "realTrillions": 1.04
    },
    {
      "quarter": "2012Q1",
      "year": 2012,
      "nominalTrillions": 0.6788,
      "cpi": 227.907,
      "realTrillions": 0.9949
    },
    {
      "quarter": "2012Q2",
      "year": 2012,
      "nominalTrillions": 0.672,
      "cpi": 229.793,
      "realTrillions": 0.9768
    },
    {
      "quarter": "2012Q3",
      "year": 2012,
      "nominalTrillions": 0.674,
      "cpi": 230.297,
      "realTrillions": 0.9776
    },
    {
      "quarter": "2012Q4",
      "year": 2012,
      "nominalTrillions": 0.679,
      "cpi": 230.38,
      "realTrillions": 0.9845
    },
    {
      "quarter": "2013Q1",
      "year": 2013,
      "nominalTrillions": 0.66,
      "cpi": 231.74,
      "realTrillions": 0.9513
    },
    {
      "quarter": "2013Q2",
      "year": 2013,
      "nominalTrillions": 0.668,
      "cpi": 232.993,
      "realTrillions": 0.9577
    },
    {
      "quarter": "2013Q3",
      "year": 2013,
      "nominalTrillions": 0.672,
      "cpi": 233.874,
      "realTrillions": 0.9598
    },
    {
      "quarter": "2013Q4",
      "year": 2013,
      "nominalTrillions": 0.683,
      "cpi": 233.221,
      "realTrillions": 0.9782
    },
    {
      "quarter": "2014Q1",
      "year": 2014,
      "nominalTrillions": 0.659,
      "cpi": 234.997,
      "realTrillions": 0.9367
    },
    {
      "quarter": "2014Q2",
      "year": 2014,
      "nominalTrillions": 0.669,
      "cpi": 237.772,
      "realTrillions": 0.9398
    },
    {
      "quarter": "2014Q3",
      "year": 2014,
      "nominalTrillions": 0.68,
      "cpi": 238.044,
      "realTrillions": 0.9542
    },
    {
      "quarter": "2014Q4",
      "year": 2014,
      "nominalTrillions": 0.7,
      "cpi": 236.132,
      "realTrillions": 0.9902
    },
    {
      "quarter": "2015Q1",
      "year": 2015,
      "nominalTrillions": 0.684,
      "cpi": 234.849,
      "realTrillions": 0.9729
    },
    {
      "quarter": "2015Q2",
      "year": 2015,
      "nominalTrillions": 0.703,
      "cpi": 237.681,
      "realTrillions": 0.988
    },
    {
      "quarter": "2015Q3",
      "year": 2015,
      "nominalTrillions": 0.714,
      "cpi": 238.305,
      "realTrillions": 1.0008
    },
    {
      "quarter": "2015Q4",
      "year": 2015,
      "nominalTrillions": 0.733,
      "cpi": 237.233,
      "realTrillions": 1.0321
    },
    {
      "quarter": "2016Q1",
      "year": 2016,
      "nominalTrillions": 0.712,
      "cpi": 237.386,
      "realTrillions": 1.0019
    },
    {
      "quarter": "2016Q2",
      "year": 2016,
      "nominalTrillions": 0.729,
      "cpi": 240.169,
      "realTrillions": 1.0139
    },
    {
      "quarter": "2016Q3",
      "year": 2016,
      "nominalTrillions": 0.747,
      "cpi": 240.968,
      "realTrillions": 1.0355
    },
    {
      "quarter": "2016Q4",
      "year": 2016,
      "nominalTrillions": 0.779,
      "cpi": 241.505,
      "realTrillions": 1.0775
    },
    {
      "quarter": "2017Q1",
      "year": 2017,
      "nominalTrillions": 0.764,
      "cpi": 243.414,
      "realTrillions": 1.0484
    },
    {
      "quarter": "2017Q2",
      "year": 2017,
      "nominalTrillions": 0.784,
      "cpi": 244.737,
      "realTrillions": 1.07
    },
    {
      "quarter": "2017Q3",
      "year": 2017,
      "nominalTrillions": 0.808,
      "cpi": 245.708,
      "realTrillions": 1.0984
    },
    {
      "quarter": "2017Q4",
      "year": 2017,
      "nominalTrillions": 0.834,
      "cpi": 246.619,
      "realTrillions": 1.1296
    },
    {
      "quarter": "2018Q1",
      "year": 2018,
      "nominalTrillions": 0.815,
      "cpi": 248.804,
      "realTrillions": 1.0942
    },
    {
      "quarter": "2018Q2",
      "year": 2018,
      "nominalTrillions": 0.829,
      "cpi": 251.374,
      "realTrillions": 1.1016
    },
    {
      "quarter": "2018Q3",
      "year": 2018,
      "nominalTrillions": 0.844,
      "cpi": 252.197,
      "realTrillions": 1.1179
    },
    {
      "quarter": "2018Q4",
      "year": 2018,
      "nominalTrillions": 0.87,
      "cpi": 252.052,
      "realTrillions": 1.153
    },
    {
      "quarter": "2019Q1",
      "year": 2019,
      "nominalTrillions": 0.848,
      "cpi": 252.897,
      "realTrillions": 1.1201
    },
    {
      "quarter": "2019Q2",
      "year": 2019,
      "nominalTrillions": 0.868,
      "cpi": 255.928,
      "realTrillions": 1.1329
    },
    {
      "quarter": "2019Q3",
      "year": 2019,
      "nominalTrillions": 0.881,
      "cpi": 256.629,
      "realTrillions": 1.1467
    },
    {
      "quarter": "2019Q4",
      "year": 2019,
      "nominalTrillions": 0.927,
      "cpi": 257.176,
      "realTrillions": 1.204
    },
    {
      "quarter": "2020Q1",
      "year": 2020,
      "nominalTrillions": 0.893,
      "cpi": 258.255,
      "realTrillions": 1.155
    },
    {
      "quarter": "2020Q2",
      "year": 2020,
      "nominalTrillions": 0.817,
      "cpi": 256.86,
      "realTrillions": 1.0625
    },
    {
      "quarter": "2020Q3",
      "year": 2020,
      "nominalTrillions": 0.807,
      "cpi": 259.766,
      "realTrillions": 1.0377
    },
    {
      "quarter": "2020Q4",
      "year": 2020,
      "nominalTrillions": 0.819,
      "cpi": 260.364,
      "realTrillions": 1.0507
    },
    {
      "quarter": "2021Q1",
      "year": 2021,
      "nominalTrillions": 0.77,
      "cpi": 263.158,
      "realTrillions": 0.9774
    },
    {
      "quarter": "2021Q2",
      "year": 2021,
      "nominalTrillions": 0.787,
      "cpi": 269.315,
      "realTrillions": 0.9761
    },
    {
      "quarter": "2021Q3",
      "year": 2021,
      "nominalTrillions": 0.804,
      "cpi": 273.627,
      "realTrillions": 0.9815
    },
    {
      "quarter": "2021Q4",
      "year": 2021,
      "nominalTrillions": 0.856,
      "cpi": 277.78,
      "realTrillions": 1.0293
    },
    {
      "quarter": "2022Q1",
      "year": 2022,
      "nominalTrillions": 0.841,
      "cpi": 284.123,
      "realTrillions": 0.9887
    },
    {
      "quarter": "2022Q2",
      "year": 2022,
      "nominalTrillions": 0.887,
      "cpi": 292.572,
      "realTrillions": 1.0127
    },
    {
      "quarter": "2022Q3",
      "year": 2022,
      "nominalTrillions": 0.925,
      "cpi": 296.418,
      "realTrillions": 1.0424
    },
    {
      "quarter": "2022Q4",
      "year": 2022,
      "nominalTrillions": 0.986,
      "cpi": 297.507,
      "realTrillions": 1.1071
    },
    {
      "quarter": "2023Q1",
      "year": 2023,
      "nominalTrillions": 0.986,
      "cpi": 300.615,
      "realTrillions": 1.0956
    },
    {
      "quarter": "2023Q2",
      "year": 2023,
      "nominalTrillions": 1.031,
      "cpi": 304.2,
      "realTrillions": 1.1321
    },
    {
      "quarter": "2023Q3",
      "year": 2023,
      "nominalTrillions": 1.079,
      "cpi": 306.835,
      "realTrillions": 1.1746
    },
    {
      "quarter": "2023Q4",
      "year": 2023,
      "nominalTrillions": 1.129,
      "cpi": 307.156,
      "realTrillions": 1.2278
    },
    {
      "quarter": "2024Q1",
      "year": 2024,
      "nominalTrillions": 1.115,
      "cpi": 310.358,
      "realTrillions": 1.2
    },
    {
      "quarter": "2024Q2",
      "year": 2024,
      "nominalTrillions": 1.142,
      "cpi": 313.931,
      "realTrillions": 1.2151
    },
    {
      "quarter": "2024Q3",
      "year": 2024,
      "nominalTrillions": 1.166,
      "cpi": 314.879,
      "realTrillions": 1.2369
    },
    {
      "quarter": "2024Q4",
      "year": 2024,
      "nominalTrillions": 1.211,
      "cpi": 315.587,
      "realTrillions": 1.2818
    },
    {
      "quarter": "2025Q1",
      "year": 2025,
      "nominalTrillions": 1.182,
      "cpi": 318.851,
      "realTrillions": 1.2383
    },
    {
      "quarter": "2025Q2",
      "year": 2025,
      "nominalTrillions": 1.209,
      "cpi": 321.607,
      "realTrillions": 1.2557
    },
    {
      "quarter": "2025Q3",
      "year": 2025,
      "nominalTrillions": 1.233,
      "cpi": 323.941,
      "realTrillions": 1.2714
    },
    {
      "quarter": "2025Q4",
      "year": 2025,
      "nominalTrillions": 1.277,
      "cpi": 324.088,
      "realTrillions": 1.3162
    },
    {
      "quarter": "2026Q1",
      "year": 2026,
      "nominalTrillions": 1.242,
      "cpi": 327.417,
      "realTrillions": 1.2671
    },
    {
      "quarter": "2026Q2",
      "year": 2026,
      "nominalTrillions": 1.263,
      "cpi": 334.032,
      "realTrillions": 1.263
    }
  ],
  "nominalPeak": {
    "quarter": "2025Q4",
    "year": 2025,
    "nominalTrillions": 1.277,
    "cpi": 324.088,
    "realTrillions": 1.3162
  },
  "realPeak": {
    "quarter": "2008Q4",
    "year": 2008,
    "nominalTrillions": 0.866,
    "cpi": 213.075,
    "realTrillions": 1.3576
  },
  "latest": {
    "quarter": "2026Q2",
    "year": 2026,
    "nominalTrillions": 1.263,
    "cpi": 334.032,
    "realTrillions": 1.263
  },
  "findings": {
    "latestIsNominalRecord": false,
    "latestIsRealRecord": false,
    "realPeakQuarter": "2008Q4",
    "gapToRealPeakTrillions": 0.0946,
    "percentBelowRealPeak": 7
  },
  "caveats": [
    "Aggregate, not per household — population growth means a flat real aggregate is a falling real average, which cuts further against the headline.",
    "CPI-U is a general deflator; there is no consumer-credit-specific price index.",
    "Balances are outstanding amounts, not borrowing; a 0% balance and a 24% balance count the same.",
    "Buy-now-pay-later is largely absent by construction, since most of it is not furnished to the credit bureaus this series is built from.",
    "CPI quarter averaged over fewer than three months: 2025Q4 (2/3 months)",
    "CPI quarter averaged over fewer than three months: 2026Q3 (1/3 months)"
  ]
}