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 ArticlesTrump Sets Off on Asia TourOct 24, 2025US Investigating China Over Compliance in Trade Deal From Trump’s 1st TermOct 24, 2025China Is Smuggling Fentanyl to US Through Venezuela, Trump SaysOct 23, 2025Trump to Meet With Chinese Leader Xi Jinping in 1 WeekOct 23, 2025Related TopicsFederal Reservedebtstudent loansCredit Cardsmortgage debtFederal Reserve Bank of St. Louis