Inflation and higher rates are a 'dangerous mix' for consumers already stretched thin, says chief financial analyst

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"Credit card rates are the highest since 1995, mortgage rates are the highest since 2008 and auto loan rates are the highest since 2012." But it's the combination of higher rates and inflation that have hit consumers particularly hard, he added. More from Personal Finance:What the Fed's interest rate hike means for youHow persistent high inflation may affect your tax bracketThese steps can help you tackle stressful credit card debt Higher prices are causing more people to lean on credit just when "Interest rates are rising at the fastest pace in decades - that's just a dangerous mix," McBride said. "With more rate hikes still to come, it will be a further strain on the budgets of households with variable rate debt, such as home equity lines of credit and credit cards," he said. Credit card rates are now over 18% and will likely hit 20% by the beginning of next year, while balances are higher and nearly half of credit cardholders now carry credit card debt from month to month, according to a Bankrate report. With the rate hikes so far, those credit card users will wind up paying around $20.9 billion more in 2022 than they would have otherwise, according to a separate analysis by WalletHub. Paying an annual percentage rate of 6% instead of 3% could cost consumers nearly $4,000 more in interest over the course of a $40,000, 72-month car loan, according to data from Edmunds. Anyone with weaker credit will now see "Notably higher rates." "If consumers haven't already evaluated their budget after feeling the impact of inflation, they should be starting it now," said Michele Raneri, vice president of U.S. research and consulting at TransUnion.