Americans now owe a record $1.14 trillion in credit card debt, according to the New York Fed. Consumer Investigator Rachel DePompa talks to Bankrate about how you can keep from being buried in debt.

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.

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%.

Store credit cards are now coming with a record-high interest rate. Here's what you should watch out for even when there are interest-free promotions.

When you’re making a purchase at a store’s checkout counter, you may be invited to sign up for the retailer’s store card and promised an initial discount on what you’re buying, plus future perks.