Several years ago, Wes Wannemacher charged $3,200 on a credit card to pay for expenses related to his wedding. After six years, he had paid approximately $6,300 dollars toward that debt, yet by February 2007 he still owed $4,400—more than he had charged in the first place.

Mr. Wannemacher’s story is all too familiar to many Americans. Once you get trapped in credit card debt, it can become a never-ending cycle of penalties, late charges, fees, and sky-high interest rates.

Evidence suggests credit card debt is becoming increasingly common. In January, revolving credit, which is largely credit card debt, was up a whopping 6.4 percent over the previous year. Economists predict that the pace quickened further in February.

By relying on credit cards to fund spending, Americans are racking up large payment loads. At 14.5 percent of after-tax income, the debt burden consumers face is already the highest level on record. And since interest rates on credit cards average more than 13 percent, this kind of debt can be extremely dangerous.

So, why the growing fixation with credit card debt and its associated sky-high interest rates, fees and penalties?

According to Business Week, consumers are, at least in part, turning to their credit cards instead of home equity to maintain their standard of living now that housing prices have cooled off. In the past, when home prices were rising many consumers became addicted to home mortgage equity extractions to fund spending on home improvements, daily living, or yes, even weddings.

For now, it appears most consumers are handling the extra debt. However, if the economy slows it could portend trouble.

“If wage income grows enough to offset increased debt, then consumers will be fine,” says Goldman Sachs senior economist Ed McKelvey. However, betting on continued wage growth might be a risky wager. The strength of the job market and the economy in general pivots largely on the housing market—and evidence suggests home prices and new construction starts are still on the way down.