And you're consumer news this morning from car loans to credit cards. A new report shows Americans credit card debt is at a record level, hitting $1 trillion for the first time ever. So what can you do if you're struggling to pay off debt? Cole Haggen's has three tips to help you get back on track. Americans borrowing habits Reaching a historic milestone For the first time ever, credit card debt levels have surpassed $1 trillion. That's according to data released Tuesday by the Federal Reserve Bank of New York. What we're seeing here is more people carrying more debt. The New York Fed says credit card balances are at a record high for longer periods of time. Meanwhile, a new Bank rate survey finds 47% of US credit card holders are currently carrying credit card debt month. A month. It comes as interest rates have soared to levels not seen in over 2 decades. The average credit card charges about 20 1/2%, so there are definitely some worrisome signs there. Ted Rossman, senior analyst@bankrate.com has three tips for people holding a lot of credit card debt.

One try the Avalanche 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 paying off the highest interest debt. Repeat until you've paid. All your debts down to Consider a 0 balance transfer credit card. It allows you to transfer your existing high cost debt over 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 under control. Bank rates suggest focusing on basic necessities and obligations and delaying major purchases like cars. For Consumer Watch, I'm Cole Higgins..