A new report reveals Americans now have a whopping $1.14 trillion in credit card debt, which is a 5.8% increase from just a year ago

A new study from Bankrate found the interest rates have reached a record high since 2008. Bankrate surveyed 108 cards from leading retailers in September. At the time, the average rate was 30%. That’s up from 24% in 2021. It’s also well above the current average for credit cards overall, which is about 21%.

Average interest rates on retail credit cards hit a record high of 30.45%, according to new Bankrate study. Bankrate senior industry analyst Ted Rossman joins Wealth! to discuss why store credit cards have such high rates and how consumers can navigate paying these down.

Total credit card balances have risen 5.8 percent from a year ago as Americans struggle to keep up with high living costs.

Americans are struggling with high prices and rising inflation and increasing credit card delinquency rates have been a consequence.

The average retail credit card interest rate is now at a record high 30.45%, according to a new Bankrate study.

A new study from Bankrate, which surveyed the interest rates of 108 store cards from leading retailers in early September, found they have reached a record high since Bankrate started tracking them in 2008.