New figures show that Americans are using more credit as prices and interest rates rise, making it more expensive to maintain a balance.

The Federal Reserve Bank of New York says Americans are holding $887 billion in credit card debt — a level not seen in more than two decades. Moreover, the average interest rate on a credit card in the United States is now north of 22%, according to LendingTree.

Getting out of this debt is definitely the hardest part, as daily expenses keep pouring in and the prices keep going up with salaries that struggle to keep up.

“I’ve seen people rack up debt in a few months and then it will take them years, sometimes even decades, to sort that out and get out of it, just because of the power of that interest they’re paying,” said Erin Akery, financial counselor at the Nashville Financial Empowerment Center.

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Financial experts say the solution lies in the little things, like coffee at home instead of going out and cutting back on streaming subscriptions.

“Look for ways to save and put more money into that debt so you end up getting out of it faster,” said financial expert Roy Lederman.

As many economists predict a recession over the next 12 months, it’s time to get in financial shape, and the Biden administration is well aware of the crisis. He tries to ease the tension before the midterm elections.

“We will continue to stabilize markets and lower prices at a time when stocks in other countries have caused such volatility,” President Joe Biden said.