Consumers have been propping up the U.S. economy when no one else could—now the debts are being called and they can’t pay their bills

Young woman using credit card reader at coffee shop counter (Credit: Getty Images)

The U.S. economy remained resilient in the aftermath of the pandemic thanks to Americans’ sheer will to spend—but debts are ticking upward, and many are running out of cash reserves to pay their bills.

According to a report published by the Federal Reserve Bank of New York on Tuesday, Americans now collectively owe $1.08 trillion on their credit cards—the highest amount ever documented.