Americans Paid Record-High $130 Billion in Credit Card Interest and Fees Amid Fed Rate Hikes

U.S. consumers paid a record-high $130 billion in credit card interest rates and fees last year as the Federal Reserve raised interest rates sharply.

Credit cards are displayed in Montreal, on Dec. 12, 2012. The Canadian Press/Ryan Remiorz

A new report to Congress shows that, as the Federal Reserve raised interest rates last year at its fastest pace in decades, U.S. consumers paid a record-setting amount in credit card interest and fees.

The report, released on Oct. 25 by the Consumer Financial Protection Bureau (CFPB), tracks key developments and consumer risks in the credit card market.