Americans owe a record $1 trillion in credit card debt

Credit card debt hit $1 trillion for the first time on record, according to new data, a troubling development as interest rates and delinquencies also rise.

  • Total balances on credit cards and other revolving accounts reached $1 trillion the week of July 26, up from $998 billion the prior week.
  • That’s the highest level on record and $193.4 billion more than the start of the year and $264 billion above the $736 billion in April 2021, the lowest level since the onset of the pandemic.

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