U.S. credit card debt to hit record levels

(NBC, KYMA/KECY) - The U.S. credit card debt is set to hit record levels in the coming months.

According to the National Retail Federation (NRF), between November 1 and December 31, spending is on track to reach a record between $979.5 billion and $989 billion.

Other reports found that many shoppers depended on credit cards to manage their holiday purchases.

Heading into the peak holiday shopping season, credit card balances were already 8.1% higher compared to last year.

According to another hoilday spending report by NerdWallet, 28% of credit card users had not paid off the gifts they bought last year.

Credit cards continue to be one of the most expensive ways to borrow money.

The average credit card rate is currently more than 20%.