As the United States experiences a surge in credit card debt and overall household debt levels continue to rise, concerns about the potential economic consequences have come to the forefront. In a report from the Federal Reserve Bank of New York, it was revealed that the country's overall debt levels increased by 1.3% during the third quarter of 2023, reaching a staggering $17.29 trillion. A significant portion of this increase can be attributed to the uptick in credit card borrowing, which rose by 4.7% to a total of $1.08 trillion.