On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is now more than 20% on average, an all-time high. "People aren't financing purchases at 20% because they have other options," said Greg McBride, chief financial analyst at Bankrate. "As a result, they are tapping into these available credit products to help them cope with rising expenses." As the number of credit card accounts in the U.S. rose, delinquencies notched higher, the report said. How to tackle high-interest credit card debtkrisanapong detraphiphat | Moment | Getty Images

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Persons: John Sedunov, Greg McBride, Sedunov, Gen, TransUnion, Michele Raneri, Raneri Organizations: New York Fed, Villanova University's School of Business, Federal Reserve, Bankrate, TransUnion Locations: U.S