Average interest rates on retail credit cards hit a record high of 30.45%, according to new Bankrate study. Bankrate senior industry analyst Ted Rossman joins Wealth! to discuss why store credit cards have such high rates and how consumers can navigate paying these down.

A new report reveals Americans now have a whopping $1.14 trillion in credit card debt, which is a 5.8% increase from just a year ago

Americans are struggling with high prices and rising inflation and increasing credit card delinquency rates have been a consequence.

The average retail credit card interest rate is now at a record high 30.45%, according to a new Bankrate study.

A new study from Bankrate, which surveyed the interest rates of 108 store cards from leading retailers in early September, found they have reached a record high since Bankrate started tracking them in 2008.