Americans Are Using More Credit As Prices, Interest Rates Rise

The U.S. has its highest credit card debt in more than 20 years, as daily consumer prices continue to rise.

New figures show Americans are using more credit as prices and interest rates rise, making it more expensive to carry a balance.

The Federal Reserve Bank of New York says Americans hold $887 billion in credit card debt — a level not seen in more than two decades. Plus, the average interest rate on a credit card in the U.S. is now north of 22%, according to LendingTree.

Getting out of that debt is certainly the hard part, as daily expenses keep coming and prices keep climbing with wages struggling to keep up.