Credit Card Debt Climbs to a Record $1.29 Trillion, New York Fed Research Finds

According to CNBC, credit card balances rose by $22 billion in the third quarter to a record $1.29 trillion, up 4.2% from a year earlier, according to the Federal Reserve Bank of New York’s household debt report. Total household debt increased by $334 billion during the July-to-September period to a record $19.1 trillion. New York Fed researchers said the rising debt reflects financial hardship.