As the interest charges compound, it's easy for this type of debt to grow out of control, especially given today's rates. But effectively managing any type of debt — and credit card debt, in particular — can be especially challenging when paired with a poor credit score.

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.

Credit card debt is on the rise in the U.S., but new data shows that consumers are doing a better job of paying off those bills on time.