Americans owe a record $1.14T in credit card debt as inflation squeezes

Americans are increasingly turning to their credit cards to cover everyday expenses, with debt hitting a new record high at the end of June, according to a New York Federal Reserve report published Tuesday.

In the three-month period from April to June, total credit card debt rose to $1.14 trillion, an increase of $27 billion, or about 1%, from the previous quarter, according to the report. It marks the highest level on record in Fed data dating back to 2003.

Credit card delinquencies...