Nearly half of Americans don't know their credit card APR. Here's why that can cost you.

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How to get yourself out of credit card debt How to get yourself out of credit card debt 02:39 Almost half of Americans don't know how much their credit card debt could be costing them, a new survey shows. That's because more than 47% of Americans say they don't know their current credit card annual percentage rate (APR), which is its effective yearly interest rate, according to LendingClub, a financial services company. Being in the dark on how much interest your issuer charges can be costly, particularly if you carry a balance from month to month. A credit card's APR determines the cost of borrowing money, and only comes into play when a cardholder doesn't pay off their bill in full each month by determining how much interest they'll pay on the balance. Consumers collectively owe a record $1.14 trillion in credit card debt, while APRs have jumped due to the Federal Reserve's flurry of interest rate hikes, which have pushed rates to their highest point in 23 years. "Credit card debt levels are the highest they have ever been and when you don't pay off your credit card in full every month, which roughly half of Americans don't, you have a loan. And it's not a very good loan," LendingClub CEO Scott Sanborn told CBS MoneyWatch. LendingClub surveyed more than 1,000 consumers in May to understand their habits and opinions on card usage and debt management. "Buried at the bottom" Consumers' lack of awareness around how much their credit card debt costs them illustrates a concerning phenomenon: many appear unable to easily find and track their APRs, according to LendingClub. The survey also found that roughly one-quarter of Americans don't know the total amount of their credit card debt, or even where to find out what their interest rate is. "It is disclosed, but you have to go into your account, look at your statement, and it's not at the top of the statement — it's buried in fine print far down at the bottom, which is not a place most people look," Sanborn said. APRs are also currently at an average of 22.76% — a record high. With APRs rising and consumers spending more on their credit cards while being unaware of the debt they're carrying and how much it costs, many are risking serious financial predicaments, according to Sanborn. "Because of the inflationary environment, people are turning to cards more often, so they are increasing balances at an increasing cost. That causes people to get into trouble when they are unable to meet their obligations," Sanborn explained. He added, "Once you go delinquent, that's reported and has a very big impact to your credit score, and any new debt you bring out will be at an even higher cost." Calling for clearer communication LendingClub said part of the onus is on lenders to be more transparent with consumers. "The need for clearer communication from credit card companies is more pressing than ever," LendingClub chief customer officer Mark Elliot said in a statement. "The real issue is that credit cards are designed to do better when the cardholder does worse. Frankly, the deck is stacked against consumers." The survey also found that even tools consumer use to climb out of debt and regain their financial footing have terms and conditions that they're not familiar with. For example, many consumers who open 0% interest balance transfer accounts, or sign up for cards with promotional rates, don't know that those rates don't last. For example, more than 26% of consumers said they didn't know their rates will increase after a promotional period ends.