Total margin debt in the United States reached an all-time high of approximately $1.502 trillion in June 2026, climbing about 77% in 14 months from around $851 billion in April 2025, according to FINRA figures.
Such rapid increases in investor borrowing have historically preceded major stock market declines, including the dot-com bubble, the 2008 financial crisis, and the 2022 bear market.
FINRA reported that margin debt subsequently fell to $1.417 trillion in July 2026, dropping by roughly $85 billion in one month, though analysts note this single decline does not establish a clear trend.