Credit card debt in the U.S. just surpassed $1 trillion for the first time ever in the second quarter, thanks to inflation and rising interest rates. While that sounds like bad news for Americans' finances, economists and other experts say the dubious distinction doesn't necessarily spell trouble for the wider economy.
Americans' credit card balances rose in aggregate from $986 billion in the first quarter to $1.03 trillion, according to the New York Federal Reserve's household debt report. And total debt is up 16% over the past year.
