A growing number of Americans are not paying their credit card debt, according to the Federal Reserve Bank.

The amount of credit card bad debt has doubled in the last two years, says WSB Consumer expert Clark Howard. With credit card interest hitting record highs, it can be more expensive than ever to let that monthly balance roll over. Consumer confidence may to be blame. Howard says, "it's kind of like going out having too much fun out on Saturday night and having a really tough Sunday morning hangover, that seems to be part of the pattern with what's going on with credit cards."

Banks are getting nervous with all the charge offs and sending out more letters informing card holders that their credit limit has been reduced and, in some cases, canceling the card. Howard recommends using your credit cards because if you don't, then you could be a target for a cancellation notice.

If you already carry a balance and are looking to pay it down, it may be worth considering opening a new credit card that allows you to transfer over your balance without accruing more interest. The key is to look for one that doesn’t charge you a balance transfer fee and offers an extended 0% APR period.