The money investors borrow to trade in the U.S. stock market is at an all-time high

NPR | By Wailin Wong,

Ricky Mulvey

Published August 14, 2026 at 4:45 AM EDT

Money that investors borrow to trade in the stock market is called margin debt. This debt is now above $1.5 trillion, 50% higher than a year ago. Could this spell trouble for the U.S. economy?

Wailin Wong

Wailin Wong is a co-host of The Indicator from Planet Money.

Ricky Mulvey

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