If you were hoping to put off your expenses this holiday season by loading up your credit card, you might want to think again.

Starting next month, Visa is boosting its interest rate for customers who miss two consecutive minimum payments - ensuring those most in debt will be the hardest hit.

The interest rate will spike five percentage points to 24.75 per cent for those who go more than 30 days past the due date without making a minimum payment.

This is bad news for consumers, many of whom have seen their debt skyrocket. According to one report, record numbers are relying on lines of credit, mortgages, payday loans and credit cards to make ends meet.

The average Canadian also reportedly carries between three and four credit cards, meaning many will be directly impacted by Thursday's announcement.

"The debt load in Canada is right now is over $1 trillion, it's a massive amount," said Credit Canada's Laurie Campbell. "If you look at the average Canadian family, the average debt load is around $80,000."

One small victory: the Bank of Canada slashed its key rate to 2.25 per cent partly to relieve the staggering debt burden faced by many Canadians.

But Toronto-Dominion Bank has joined the Bank of Nova Scotia, which, in May, cut its interest-free grace period for new purchases from 26 to 21 days and increased fees on its Visa cards.

The Bank of Montreal has not made any changes to its MasterCard policy this year. While the Royal Bank hasn't made any changes in three years.

Campbell says expect it to get worse before it gets better.

"There was a reason our grandmothers told us to save for a rainy day," she said. "This is it, it's raining."

For tips on how to manage your credit card debt, courtesy of the Financial Consumer Agency of Canada, click here.

For a calculator that can help you figure out your credit card debt, click here.

And to see if you would benefit from credit counselling, click here.