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Scott Horsley

Americans are piling up credit card debt — and it could prove very costly

Ted Rossman Bankrate Interest Rates

This illustration picture shows debit and credit cards arranged on a desk on April 6, 2020 in Arlington, Va. Americans are using their credit cards more to pay for everyday expenses at a time when interest rates are rising. (Olivier Douliery/AFP via Getty Images)

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 credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.

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