More than 18 million Americans were behind on their credit card payments at the end of 2022. And with climbing interest rates amid decades-high inflation, that debt is getting very expensive.

Anyone with debt knows that it can cast a long shadow over household finances. Credit card debt in particular is rising at its fastest clip in more than 20 years as Americans owe a record $986 billion on their credit cards, a 14.7% increase from a year ago, according to a new report from the Federal Reserve Bank of New York.

Read More: How to Consolidate Your Credit Card Debt

As the Fed continues to raise interest rates to contain inflation, credit card holders are feeling the pinch of higher borrowing costs. Average credit card rates, at 19.9%, are at th…