There's been a lot of talk about rising interest rates lately.
Mortgage rates, for example, are back over 5 percent and still climbing.
But one rising interest rate is having a daily effect on average Americans.
There are more credit card accounts in the U.S. than people: 364 million credit card accounts vs. the 326 million U.S. population, with the average American carrying 2.6 cards.
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Now the cost of carrying is going back up.
"Right now the national average credit card rate is about 17%," said Ted Rossman, an analyst for creditcards.com. "That's up from about 16% a year ago and about 15% two years ago."
Rossman said the Federal Reserve's been raising rates for a few years now, and credit card companies are just catching up.
"It's happening for a good reason because the economy's doing better," Rossman said. "But still, that's cold comfort to somebody who's paying 17% on a credit card."
According to Rossman, rising interest rates make it more important than ever to pay credit card bills on time, especially the ones with generous reward programs.
"But only if you pay those bills in full," Rossman said. "Otherwise, the interest will completely wipe out any rewards."
In addition, avoid cash advances, and if you do a balance transfer, find a card that doesn't charge fees, which are also rising with interest rates.
Cox Media Group