Credit card debt among Americans up 17% compared to last year, report shows

NORFOLK, Va.- A new report from the Federal Reserve Bank of New York shows Americans are carrying a record $986 billion in credit card debt, up 17 percent from last year. "What has happened is we have continued to spend the money as if we have the money, in other words, we have not changed our habits," said Vinod Agarwal, an economics professor at Old Dominion University.