Mohd Izzuan/Getty Images
Right now, credit card balances are at record highs, and the interest rates these short-term borrowing tools come with aren’t far off. Americans owe roughly $1.23 trillion in credit card debt, a figure that’s risen sharply alongside persistent inflation and years of high borrowing costs. And, they owe that collective amount at a time when credit card interest rates are averaging around 21%,…