Consumers are having more and more difficulties managing their personal debt, according to a new report that finds a sharp rise in credit card defaults.

This week, Fitch Ratings announced that charge-offs on prime credit card accounts had increased to 6.84 percent, the highest such figure in about four years. The company predicted that rising unemployment figures would push this number as high as eight percent later in 2009. The 6.84 percent figure marked a 31 percent increase over last December's figures.

The report also noted that charge-offs for retail cards had hit 10.5 percent, marking a three-year high, while the consumer repayment rate on outstanding balances had also plunged considerably during December - although some of that may have been due to holiday spending.

"Consumers continue to struggle amid a rapidly deteriorating employment situation and from declining property values and other measures of wealth," Mike Dean of Fitch was quoted as saying.

With the recession and credit crunch now predicted to last throughout much of 2009 and possibly into 2010, consumers are advised to budget carefully and take whatever steps they can to protect their credit. Payday loans and other options can be part of one's financial strategy during such difficult times.

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