Americans have racked up a trillion dollars in credit card debt

(CNN)– Credit card debt in the U.S. is surging.

The Federal Reserve Bank of New York says credit card debt hit a new high of $1.1 trillion from October through December.

But some economists say the debt level is not as alarming as it might seem.

They say workers are still commanding robust wage gains, the stock market is on solid footing and attitudes toward the economy have improved dramatically in recent months.

Economists also say after adjusting for inflation, the current level is nearly 20% below the peak it reach in late 2008.