Americans owe $1 trillion in credit card debt

America’s credit card balance has passed $1 trillion, or it’s about to, Report informs referring to The Hill.

The average interest rate on a new card is 24 percent, the highest figure since the Reaganomics era.

A typical American household now carries $10,000 in credit card debt, by one estimate, another record.

If that doesn’t sound like a lot of debt, try paying it off. At $250 per month, with 24 percent interest, you’ll be making payments until 2030, and you’ll spend a total of $20,318, twice what you owed. And that assumes you never use the card again.

“It’s hard to build wealth when you’re paying 20 percent interest every month,” said Ted Rossman, a senior industry analyst at Bankrate.com.

The nation’s credit card debt stands at $986 billion, according to the Federal Reserve. The figure has climbed by $250 billion in two years.