How America racked up a $1 trillion credit card bill

Americans have accumulated a record-breaking $1 trillion in credit card debt. As consumer pockets continue to feel the pinch from high inflation. The Federal Reserve's rate hikes have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average. Despite this the Thanksgiving holiday shopping weekend showed record level shopping, but retailers will be watching credit card repayments after flagging a summer slowdown.