U.S. credit card debt has reached a record-breaking $1.13 trillion, according to the Federal Reserve Bank of New York. This marks a $50 billion increase, reflecting significant economic strain. Under President Biden's administration, the total credit card debt has surpassed $1.1 trillion, with interest rates over 20%, resulting in over $180 billion in fees and interest for companies like Visa and MasterCard. Additionally, consumer debt has hit $2.5 trillion in the second quarter, with credit card debt at its highest level in 17 years. In New York City, credit card debt per capita has been increasing faster than the national average, jumping 11% since early 2021.