(ABC 6 News) — Americans now collectively owe a record $1.14 trillion in credit card debt.

According to the Federal Reserve Bank in New York, that is a 1% increase, or $27 billion more, than last quarter.

This comes amid growing concerns of a possible recession as unemployment rises, and the cost of housing, cars, and everyday essentials are also on the rise.

These numbers suggest more Americans are now relying on credit cards to cover their expenses.