Americans have been doing a lot of swiping and tapping, racking up debt on their credit cards.

A new report by the New York Federal Reserve finds that consumers owe a record $1.1 trillion on their credit cards. That's more than 8% higher than a year ago.

Credit cards remain the most expensive way to borrow money with interest rates over 20% — an all time-high.

And Caleb Silver, editor in chief with Investopedia, says don't expect a huge reduction on your credit card APR.

"They're going to remain high, which means it's your responsibility as a borrower to make sure you're paying off your credit cards on time. You don't want the $100 sweater to become a $125 sweater next month because you didn't pay off the bill," he said.

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Credit card delinquency rates improved in the third quarter of this year, which researchers say suggests that the debt is manageable.

A recent survey by H&R Block found that Gen X, those between age 44 and 59, carry the most credit card debt, followed by millennials and baby boomers.

The youngest generation, Gen Z, had the least amount of credit card debt.

One way to avoid using high interest credit cards is the growing popularity of buy now pay later services like Klarna and Affirm, allow consumers to pay installments with little or no interest.

Silver has advice to avoid getting deep into credit card debt especially over the holidays.

"By actually putting a limit on your credit cards or having a spending limit that could cap the amount you're able to spend," he said.