Americans are racking up record levels of credit card debt.

What items are leading consumers to swipe their way into the red?

I'm Georgia Howe with Daily Wire Editor-in-Chief John Bickley.

It's August 13th, and this is your Saturday edition of Morning Wire.

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A new report from the Federal Reserve shows that Americans are more in debt now than at any other point on record, as the cost of essential goods and services continue to skyrocket.

Here with the latest on this grim milestone and what's driving the debt is Daily Wire Senior Editor, Cabot Phillips.

So, Cabot, not the kind of record that we want to break. What kinds of numbers are we looking at here?

So on Friday, the Federal Reserve announced that in the month of June, Americans racked up $40 billion worth of debt.

Nearly double the amount we saw the month before. So things are getting worse very quickly.

In total, US household debt for the first time ever surpassed $16 trillion last month. For context, that's larger than the GDP of every country in the European Union combined.

It's a lot of money and it's credit card debt leading the way right now.

Last month saw a 16% increase in that department and that's following a 7% increase a month before.

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