Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York.

Americans’ total credit card balance hit a new all-time high of over $1.2 trillion, according to a new report from the federal Reserve Bank of New York.

The latest quarterly figures show that credit card debt hit another record level . getty. Americans Struggle With Record Credit Card Debt U.S. credit card debt reached a record $1

High interest rates, stubborn inflation and continued consumer spending are among the factors that have lifted collective credit card debt to an all-time high of $1.21 trillion, a