Credit card debt in the United States surpassed $1 trillion at the end of last year. It is the worst time for this line to be crossed because the interest rates paid on these balances are becoming very high. According to Bankrate data, the average interest rate is 20.70%, a record according to the firm’s analyst, Ted Rossman. There is no other debt in the regulated financial system more expensive than this one, and with current inflation, it is like rubbing salt in the wound.

Rossman…