Americans owe more than a trillion dollars in credit card debt, up 60% from just five years ago. Meanwhile, higher interest rates make debt even more difficult to pay off, a downward spiral causing credit card delinquencies to surge. Economics correspondent Paul Solman explains.

Credit card balances are ticking higher mid-way through the year, according to a new report on household debt from the Federal Reserve Bank of New York.

Americans' credit card debt reached $1.26 trillion, increasing by $21 billion in the second quarter of this year, according to new data.