Credit card debt in the U.S. hit a record at the end of 2023 while high interest rates continue to push the debt balance even higher this year. The Federal Reserve recently reported U.S. credit card debt reached $1.13 trillion in the fourth quarter of 2023, up $143 billion from the year before. According to WalletHub, the total already topped $1.3 trillion by January.

“Context is important,” Bankrate Chief Financial Analyst Greg McBride said. “We’re at a higher level of population than we’ve ever been before. We’ve also seen tremendous inflation.”

When adjusted for inflation, WalletHub calculates total credit card debt is about 10% off its peak, which the country hit in 2008 during the Great Recession. But the CEO said growing balances this year could put the inflation-adjusted record in striking distance.