Retail credit card interest rates spike to nearly 30%

Interest rates on retail credit cards have spiked to record highs of nearly 30%.

Bankrate analyzed current interest rates at popular retailers.

This year, rates hit an average of about 29% -- that’s up nearly three points from last year.

It’s also well above the average for all credit cards, which stands at 21%.

Rates have gone up since the Federal Reserve began hiking interest rates last year to curb inflation. Right now, the average American has 17% more credit card debt than last year. Financial planners say that’s leaving some people in a bind.