US credit card debt hits record $1.29 trillion as inflation strains households

• US credit card debt reached a record $1.29 trillion in the third quarter, rising $22 billion as inflation squeezed household budgets.
• Balances increased 4.2% from a year earlier, while total household debt climbed $334 billion to a record $19.1 trillion.
• Average credit card balances per consumer rose 2.4% year over year to $6,678, underscoring mounting repayment burdens.
• New credit card offers carried average annual percentage rates of about 24%, making persistent borrowing increasingly expensive.
• Lower-income borrowers faced rising delinquencies as inflation outpaced wage growth, with recently issued cards showing greater financial distress.

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