Americans did a lot of swiping and tapping, racking up debt on their credit cards.

A new report from the New York Federal Reserve reveals that consumers owe a record $1.1 trillion on their credit cards. This is more than 8% more than a year ago.

Credit cards remain the most expensive way to borrow money, with interest rates above 20%, an all-time high.

And Caleb Silver, editor-in-chief of Investopedia, says don’t expect a huge discount on your credit card APR.

“They’re going to stay high, which means it’s your responsibility as a borrower to make sure you pay off your credit cards on time. You don’t want the $100 sweater to become a $125 sweater the next day. next month because you didn’t. “I won’t pay the bill,” he said.

RELATED STORY | The U.S. economy grew at a solid 2.8% last quarter on strong consumer spending.

Credit card delinquency rates improved in the third quarter of this year, which researchers say suggests debt is manageable.

A recent survey by H&R Block found that Generation X, those ages 44 to 59, have the most credit card debt, followed by millennials and baby boomers.

The youngest generation, Gen Z, had the least credit card debt.

One way to avoid using high-interest credit cards is the growing popularity of “buy now, pay later” services like Klarna and Affirm, which allow consumers to pay installments with little or no interest.

Silver gives tips for avoiding getting into heavy credit card debt, especially during the holidays.

“Putting a limit on your credit cards or setting a spending limit that could limit the amount you can spend,” he said.