Credit card debt has continued to soar across the nation, a clear indicator of how reliant Americans have become on their short-term borrowing options in this tough economic environment. The total amount of credit card debt nationwide is now sitting at a new record high of over $1.21 trillion, according to New York Fed data released this week. But high balances aren’t the only issue at play. With the average credit card interest rate hovering near 22%, more cardholders are also struggling to stay on top of their payments as the interest charges pile up.
