Americans have accumulated a record-breaking $1 trillion in credit card debt. This comes as the Federal Reserve's interest 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. However, big box retailers like Macy's and Nordstrom have issued warnings about a slowdown in repayments on their credit cards over the summer, highlighting a potential risk to retail revenue this holiday season. Watch the video above to find out more about how Americans' credit card debt ballooned past the $1 trillion threshold, and whether U.S. consumers can keep spending enough to keep a looming recession at bay.

---

Persons: Tedd Rossman, Nordstrom Organizations: National Retail Federation