Credit card debt is at record high as Fed raises rates again

As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. The Fed’s interest rate increases are meant to fight inflation, but they’ve also led to higher annual percentage rates for people with credit card debt, which means they pay more in interest. The Fed announced Wednesday that it would increase rates another quarter of a point, to a range of 4.75% to 5%. And with inflation still high, people are leaning on their credit cards more for everyday purchases.