(NewsNation) — Americans continue to rack up credit card debt, but new data shows they're doing a better job paying on time. Total credit card debt rose to a record $1.17 trillion in the third quarter, according to the New York Federal Reserve. That's up $24 billion from the previous quarter and more than 8% higher than a year ago. Here are 4 tips to get out of credit card debt Although still elevated, credit card delinquencies ticked down slightly from 9.1% in Q2 to 8.8% in Q3, meaning a smaller share of borrowers were seriously behind on their payments. While not a major improvement, it's a sign the two-year rise in delinquencies may be starting to stabilize. Part of that is because Americans are growing their incomes faster than they're taking on debt, NY Fed data shows. Relative to income, total debt balances are now lower than before the pandemic. "If that trend continues, it would suggest that rising debt burdens remain manageable," Fed researchers noted in a blog post. 4 ways to improve your credit score Another promising sign: The number of consumers with a bankruptcy notation added to their credit report dropped from the previous quarter, the NY Fed found. A separate report from TransUnion this week shows the rise in credit card balances has started to slow. The average debt per borrower now stands at $6,329, up 4.8% year over year — compared with an 11.2% rise the year prior. "Lower inflation in recent quarters, combined with continued wage gains for consumers, may be driving consumers toward a financial equilibrium where they balance their monthly expenses and their monthly budget," Paul Siegfried, senior vice president and credit card business leader at TransUnion, said in a statement. Elevated credit card interest rates could also be a factor as more Americans prioritize costly debt. With interest rates over 20%, credit cards are one of the most expensive ways to borrow money. Other credit card surveys suggest many Americans are still struggling financially. A recent Bankrate survey found that 20% of Americans have maxed out a card, citing inflation as the primary cause. Consumers making under $50,000 a year and parents with children were the most likely to max out their cards. Some relief could be on the horizon as the Fed eases interest rates. As long as inflation keeps trending downward, interest rates will be "a lot" lower over the next 12-18 months, Federal Reserve Bank of Chicago Austan Goolsbee said on CNBC Friday.