A recent report from WalletHub revealed a grim reality that has been building for years: New York state has the fourth-highest household credit card debt in the nation, totaling more than $82 billion. On average, that’s nearly $12,000 in average household credit card debt. And the worst part? All of us are helping banks finance expensive credit card loyalty points programs that are making this debt problem worse through hidden fees they charge any time we use our credit card.

It’s all part of a disturbing national trend. In August, the Federal Reserve Bank of New York reported that Americans now owe a record $1.14 trillion in credit card debt, with credit card delinquency rates climbing ever higher. Yet, as consumer debt soars to unprecedented levels, banks have continued to aggressively market expensive reward credit cards to those who can least afford them.

The result? An ever-growing cycle of debt and increased junk fees that benefit the big banks raking in billions in profits while putting New Yorkers — and all Americans — in a deepening financial hole. And despite this reality, two in every three consumers still chase the very rewards........

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