Consumers owed $23.8 billion more in November than they did in October, the Federal Reserve said Monday. The increase mostly came from a $19.1 billion surge in “revolving debt,” which mainly consists of credit card debt. It was the biggest increase in revolving credit since March 2022, and took the figure to a fresh record high of $1.31 trillion. The total debt increase was nearly triple the $8 billion forecasters had expected, according to a survey of economists by Dow Jones Newswires and the Wall Street Journal.

The report highlights the growing burden of credit card debt at a time when lenders are charging their highest interest rates in decades, thanks to the Federal Reserve’s campaign of anti-inflation interest rate hikes, which has pushed up borrowing costs on all kinds of debt. Banks charged an average of 21.5% interest on credit cards in November, the highest in Federal Reserve data going back to 1995. That compares to an average rate of 15% in February 2020, before the pandemic hit.

The overall amount of debt doesn’t say too much about the financial health of the households carrying that debt—after all, many people pay off their credit card balances at the end of the month, so some of the increase could just reflect a surge in spending. However, separate reports suggest that holiday shoppers increasingly relied on borrowing to fund purchases this holiday season, including using more buy-now-pay-later plans.

And while household bottom lines have stayed in good shape overall due to high pay raises in the hot post-pandemic labor market, some are feeling the pressure of high inflation since 2021 combined with high interest rates, and the resumption of required payments on federal student loans in October. One sign of trouble: delinquencies on credit cards and car loans have ticked up past pre-pandemic levels among younger borrowers, according to an analysis by the Federal Reserve Bank of New York.