Americans notched the biggest annual increase in credit card debt on record last quarter

• New York Fed economists said Tuesday US credit card balances grew $48 billion in the third quarter.
• An an annual basis, balances jumped by $154 billion, the highest increase on record. 
• The third quarter marked the eighth consecutive quarter of year-over-year increases.

Economists at the New York Federal Reserve said Tuesday Americans' credit card balances grew by $48 billion in the third quarter, or about 4.7%, with the total amount reaching $1.08 trillion. 

The quarterly gain marked the eighth consecutive three-month stretch of annual increases. At $154 billion, the nominal year-over-year increase in the quarter was the largest reading since data began in 1999, the economists said.