Fed rate hike fuels record credit card debt.

Credit card debt in the US is at a record high as the Federal Reserve raises interest rates again, leading to higher annual percentage rates (APRs) for people with credit card debt. With inflation still high, people are leaning on their credit cards more for everyday purchases. 46% of people are carrying debt from month to month, up from 39% a year ago, according to Bankrate.com. The average credit card interest rate has reached 20.4%, the highest since their tracking began in the mid-1980s.