This holiday season has come with a hefty price tag: record-high credit card debt.Over a third of (36%) of American consumers took on holiday debt, according to anew surveyfrom LendingTree, with average balances of $1,181, up from $1,028 in 2023. The good news? That is still down from $1,549 in 2022.Heading into the peak shopping season, credit card balances rose by $24 billion in the third quarter of 2024 and are 8.1% higher than a year ago, according to the Federal Reserve Bank of New Yorksreport on household debt. Collectively, Americans currently owe a record $1.17 trillion on their credit cards.However, record-breaking debt didnt stop Americans from hitting a consumer spending high this holiday. The National Retail Federation (NRF) reported last week that spending between November 1 and December 31 is clearlyon track to reach a record, between $979.5 billion and $989 billion.Job and wage gains, modest inflation and a healthy balance sheet is to thank for solid holiday spending, according to the NRFs chief economist, Jack Kleinhenz.Less than half (44%) of those who took on debt expected to find themselves in the red this year. Those most likely to take on debt were parents of young children, at 48%; millennials ages 28 to 43, at 42%; and individuals who earn $30,000 to $49,999, at 39%, according to LendingTree.To add insult to injury, 28% of credit card users still have not paid off last years bill when it comes to gifts, according to another holiday spending report byNerdWallet, which polled more than 1,700 adults in September.Credit cards continue to be one of the most expensive ways to borrow money, with the average credit card rate currently more than 20% and some retail card APRs even higher. Looking to 2025, it will come as no surprise that paying down debt is at thetop of many new year resolutions.