As interest rates rise, 1 in every 5 Americans avoids receiving credit card statements.

As credit card debt grows and interest rates spike, many consumers are concerned about carrying large balances.

According to a recent survey, nearly one in every five Americans is afraid to check their credit card statements.

While Americans reduced their credit card debt in 2020, high balances have returned amid rising food prices.

Credit card balances increased by $71 billion year over year, reaching $841 billion in the first quarter of 2022.

The FRB is expected to raise its benchmark rate by three-quarters of a percentage point this week, raising credit card interest rates.

As of July 20, the average credit card interest rate was 17.46 percent, and it could reach a record high of 19 percent by the end of the year.

If you’re wrestling with a high credit card balance, you can try calling your issuer to ask for a lower interest rate.