American credit card debt has hit a record $1.0217 trillion, according to the Federal Reserve. The previous record was set a decade ago ahead of the 2008 financial crisis.

American are clearly spending more, and yet retailers like Macy's (M)  and J.C. Penney (JCP) continue to struggle, closing multiple stores every year. Is Amazon (AMZN) the one cashing in or are you swiping your card for something else?  

Watch More with TheStreet:

Editors' Note: Originally published on August 10, 2017.  

 

N/A

More from Video

Norwegian CFO Mark Kempa's Key Insights on Cruising in 2019

Norwegian CFO Mark Kempa's Key Insights on Cruising in 2019

CES 2019: The Future Is Here and it's a Walking Car

CES 2019: The Future Is Here and it's a Walking Car

Takeda Pharmaceutical CEO Talks Big Pharma Trends

Takeda Pharmaceutical CEO Talks Big Pharma Trends

The Story Behind One of America's Biggest Banks - Wells Fargo

The Story Behind One of America's Biggest Banks - Wells Fargo

Financing History: How Citigroup Grew Into a Banking Powerhouse

Financing History: How Citigroup Grew Into a Banking Powerhouse