Americans Amass Record $1 Trillion in Credit Card Debt

Americans 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.

Olivier Douliery/AFP via Getty Images

The 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.