Meanwhile, the "resilient" American consumer is drowning under a surging tidal wave of debt.

Total household debt rose by $228 billion in the third quarter, setting a new record of $17.29 trillion, according to the latest data from the New York Federal Reserve.

Surging credit card balances led the way, increasing by 4.7% to a record $1.08 trillion. Year-on-year, credit card debt spiked by $154 billion. That was the biggest annual increase since 1999.

The bigger problem is the double whammy of rising debt and rising interest rates. Average credit card interest rates eclipsed the previous record high of 17.87% months ago. The average annual percentage rate (APR) currently stands at 20.72%.

According to the Consumer Financial Protection Bureau, Americans paid $130 billion in interest and fees on their credit cards over the last year. That was the largest amount on record.