A Federal Reserve report shows credit card debt reached a record high in the U.S. That report shows credit card debt rose nearly 5% in the third quarter of 2023 to reach a high of $1.08 trillion. “I think why we're starting to see record debt levels, especially record debt in credit cards, is really because we're coming out of the pandemic years," Michael Snipes, an associate professor at the University of South Florida, said.

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