“The Federal Reserve Bank of St. Louis reported Friday that Americans now owe $1 trillion in credit card debt, a historic and troubling record.

The number comes as some credit card interest rates have hit their highest level in 40 years.

A recent WalletHub study found that the average interest rates for new offers—which are often offered at a discount compared to the standard rate—is 22.39 percent, a sharp increase from 18.89 percent one year ago. Previous years held similar averages, with 17.06 percent in 2010. The research group attributes the increase to recent Federal Reserve hikes.”