Americans owe a whopping $1 trillion in credit card debt thanks to rising interest rates, according to data from the Federal Reserve.
Federal Reserve data released April 7 shows that U.S. consumers owe $1.0004 trillion on credit cards, up 6.2 percent from a year ago and 0.3 percent from January, according to Dow Jones newswires.
The credit card debt level is at its highest since January 2009, according to the data.
The New York Post reports that U.S. consumers who do not pay off their credit card bill each month carry an average monthly balance of about $9,600.
Furthermore, credit card borrowers are now paying $1,254 a year in interest on average.