Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago.

Americans’ total credit card balance hit a new all-time high of over $1.2 trillion, according to a new report from the federal Reserve Bank of New York.