EconomyAmericans Amass Record $1 Trillion in Credit Card DebtAmericans are struggling under a record $1 trillion in credit card debt, a recent report by the Federal Reserve Bank shows. Meanwhile, credit card interest rates are at historic highs.SavePrintOlivier Douliery/AFP via Getty ImagesCatherine Yang8/7/2023|Updated: 8/7/20230:00X 1The Federal Reserve Bank of St. Louis reported Friday that Americans now owe $1 trillion in credit card debt, a historic and troubling record.The number comes as some credit card interest rates have hit their highest level in 40 years.We had a problem loading this article. Please enable javascript or use a different browser. If the issue persists, please visit our help center.Share this articleLeave a commentCatherine YangAuthorCatherine Yang is a reporter for The Epoch Times based in New York. Author’s Selected ArticlesRetraining TikTok US Algorithm Not Enough If App Retains Characteristics, Experts SayOct 04, 2025Peaceful Protesters Harassed at Chinese Consulate in LA as Pro-CCP Activists Target Falun GongOct 02, 2025States Begin Standing Up to CCP Overreach, Transnational RepressionOct 01, 2025New CCP-Backed Cyberespionage Group Targeting Diplomats, Embassies: Palo Alto NetworksOct 01, 2025Related TopicsFederal Reservedebtstudent loansCredit Cardsmortgage debtFederal Reserve Bank of St. Louis