Meanwhile, the average household with credit card debt has a balance of $5,700, according to the Federal Reserve's latest survey of consumer finances. Total credit card debt has reached its highest point ever, surpassing $1 trillion in 2017, according to a separate report by the Fed. https://www.cnbc.com/2018/10/09/credit-card-interest-rates-spike-post-fed.html
Maybe that's not so bad. In the '08, recession... CC balances were closer to $10K. IOW... we're probably in GREAT shape, but we just don't know it.
"On the heels of the latest Fed rate hike, credit card interest rates are at record highs." no causation.