Credit card debt is at $920 billion and climbing as more people are using the handy piece of plastic to cover everything from $3 a gallon gas to holiday shopping. Many consumers will eventually pay back what they spend; however, there is growing concern that some cash-strapped borrowers may take on more than they can afford to pay back due to the lack of home equity cashflow.

Credit card delinquency rates remain near their all-time lows, but are inching higher according to banking industry reports. Statistics are beginning to surface showing an increase in cash advances and smaller balance portions being paid off each month. Many believe that this may eventually force banks to raise their credit card interest rates to compensate for increased losses, which will put the whole cycle into motion yet again.

Compared to mortgage lending, however, credit card losses are not all that significant. This is partially because lenders who give people more credit on the promise to pay back already apply more rigid standards to borrowers with questionable records. This is in stark contrast to the subprime lenders who had little to no criteria for their borrowers – believing that homes would be sufficient collateral.

In the end, consumers may be facing increased pressures in the future amid higher gas prices, a holiday season and tightening credit standards. It is more important now than ever to get out of debt and keep a spending budget in order to make sure you can weather the storm.