U.S. consumers' credit card debt has exceeded $1 trillion for the first time.

The Federal Reserve Bank of New York released its quarterly report on household debt and credit on Tuesday, revealing that total consumer credit card debt now stands at $1.03 trillion, the highest it's ever been. However, the total is not the highest as a percentage of the national gross domestic product, which currently only stands at 3.7%.

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The U.S. consumer credit card debt increased by $45 billion from the first quarter, or 4.6%.

The new milestone had been anticipated. The jump to the last quarter from the same time the year before was $145 billion, or a 17% jump. Last quarter's results also failed to decrease as usual, raising the alarm for many economists.

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“That lack of a decrease may not bode well for Americans’ credit card debt numbers for the rest of the year,” Matt Schulz, chief credit analyst at LendingTree, said. “Thanks to rising interest rates, stubborn inflation and myriad other economic factors, it’s likely just a matter of time before credit card balances surpass $1 trillion for the first time since the New York Fed began tracking.”

With the record-high credit card debt, the total U.S. household debt is now $17.06 trillion.