WASHINGTON (TNND) — A recent Bankrate survey reveals that 72% of adults with credit card debt are actively pursuing rewards, despite financial experts warning that the interest payments often outweigh the benefits of these rewards.

“It doesn’t make sense to pay 20, 25 or 30% in interest just to earn a few percentage points in cash back or travel rewards,” says Ted Rossman, a senior industry analyst at Bankrate. "Rewards are great, but only if you're able to pay in full and avoid interest each month."

Credit card debt in the United States has reached a record $1.21 trillion, with the average interest rate standing at 20.09%, according to the Federal Reserve Bank of New York.

"More than half of credit card debtors (54%) say it’s gotten harder to pay off their credit card debt over the past year," said the survey. Rising interest rates, inflation, and other economic factors have made it increasingly difficult for many Americans to manage their bills.

The survey also highlights that 89% of Gen Z cardholders, aged 18-28, and 87% of cardholders earning over $100,000 annually are more likely to chase credit card rewards. Experts advise that while earning cash back or travel points on necessary expenses like groceries and gas can be beneficial, focusing too much on maximizing rewards can lead to accruing interest on unpaid balances, which can quickly surpass any rewards earned.

To tackle credit card debt, experts recommend creating a debt repayment plan to pay down the debt as quickly as possible, avoiding credit card use until the balance is zero, and considering credit counseling to negotiate lower interest rates.

“It’s important to pay [your debt] down as quickly and cost-effectively as possible,” Rossman said. “If you can’t pay it all right away, sign up for a 0% balance transfer card and avoid interest for up to 21 months.”