More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive. The average interest rate on credit card debt has soared to nearly 20%, from just over 16% at the beginning of last year. That's the largest one-year increase in the four decades Bankrate has been tracking rates.
"Contrary to popular opinion, it's not usually a vacation or shopping spree," says senior industry analyst Ted Rossman of Bankrate. "It's usually something pretty practical that gets you into credit card debt. But unfortunately, it's easy to get in and hard to get out."