Americans added nearly $28 billion in credit card, student, auto and other debt in November, the Federal Reserve said Monday. That brought outstanding consumer debt to a total of $3.83 trillion.
Likewise, a debt category category comprised mostly of credit cards jumped $11.2 billion, the most in a year, to $1.02 trillion. That is the highest level on record.
According to the Federal Reserve, Americans are increasingly confident in the economy and are willing to borrow more. Surveys show that consumer confidence reached a 17-year high in November, though it declined a bit last month.
A new record high for total credit card debt is also a sign of confident consumers.
Some analysts, however,worry that consumers are over-extending themselves.
With the Federal Reserve likely to raise interest rates further next year, that will likely raise the cost of credit card debt.