Only about 10% say they’ve carried credit card debt for retail or entertainment purchases. It’s a slippery slope, as credit card defaults are on the rise, which can lead to serious financial consequences. According to the New York Fed, Americans hold a collective $1.2 trillion in credit card debt. Americans hold a collective $1.2 trillion in credit card debt (Photo Illustration by Anna Barclay/Getty Images)Dig deeper:Surprisingly, households with the highest incomes are more likely to carry credit card debt for at least a year, the survey found. With high levels of credit card debt and high inflation, many consumers have found themselves unable to cover monthly payments, leading some to default.