"What we're seeing here is more people carrying more debt. The New York Fed says credit card 6balances are at a record high for longer periods of time."

Meanwhile, a new 7bank rate survey finds 47% of U.S. credit card holders are currently carrying credit card debt month to month. It comes as 8interest rates have 9soared to levels not seen in over two decades. 

"The average credit card 10charges about 20 and a half percent, so there are definitely some 11worrisome signs there."

Ted Rossman, senior analyst at Bankrate.com, has three tips for people holding a lot of credit card debt. 

One, try the 12avalanche method. List your debts from the highest to lowest interest rate. Make the minimum monthly payment on each, and then invest all your extra cash toward 13paying off the highest interest debt. Repeat until you've paid all your debts down. 

Two, 14consider a zero balance transfer credit card. It allows you to transfer your existing high cost debt 15over to a new card and pauses the interest clock for up to 21 months. 

"For those 21 months, the ability to avoid interest is really powerful. That could save you hundreds, maybe thousands of dollars, depending on how much you owe." 

And three, get your spending 16under control. Bankrate suggests focusing on basic necessities and 17obligations and delaying major purchases like cars.