Although Americans are racking up more credit card debt, there are signs households are managing their debt better than they had been before.

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.

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Credit card debt is weighing on many Americans. The share of credit card holders making just the minimum monthly payment is at a 12-year high, a report shows.

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Americans' credit card debt set a new record of $1.2 trillion in the last quarter of 2024, while overall household debt reached a new high of about $18 trillion, the New York Fed found.

Following the trend of the last several months, Americans’ household debt has increased once again to new record highs, according to the Federal Reserve Bank of New York.