Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs.
More from Personal Finance:Average credit card balances jump 10% to a record $6,360Credit card debt hits a 'staggering' $1.13 trillionAmericans can't pay an unexpected $1,000 expense Already, credit cards are one of the most expensive ways to borrow money.
The average credit card charges a record high 20.74%, according to Bankrate.
Try a 0% balance transfer credit card "My favorite tip is to sign up for a 0% balance transfer credit card," said Ted Rossman, senior industry analyst at Bankrate.
Those offers are "just about the best tool you have against credit card debt," added Matt Schulz, chief credit analyst at LendingTree.
Persons:
Achilles, Tomas Philipson, Philipson, Ted Rossman, Matt Schulz
Organizations:
University of Chicago, White House Council, Economic Advisers, Finance