Consumer credit card debt tops $1 trillion for the first time ever

• Consumer credit card debt just topped $1 trillion for the first time ever, according to the Federal Reserve.
• "Credit card balances saw brisk growth in the second quarter" of nearly 5%, the New York Fed's Joelle Scally said.
• A recent survey from BankRate found 47% of consumers are carrying credit card debt from month to month.

Americans are relying on their credit card more and more to fuel a steady increase in consumer spending, according to data from the Federal Reserve Bank of New York.

Consumer credit card debt increased 4.6% in the second-quarter to a record $1.03 trillion, compared to $986 billion in the first quarter.