target heart rate too high?

Im 20 and I have been working out pretty diligently now for about 4 weeks, 5-6 times a week. I'm 6'2", I started at about 220lbs and right now I'm down to about 205lbs. My routine is to do a stationary bike for 35-45 minutes, stretch and then do an ab workout and light lifting every other day. Usually when I do the bike, my average heart rate is around 175 for the entire time, although sometimes it is lower, around 170 and sometimes higher, like 180. When I work out, I definitely do feel like I am exercising and I breath heavily, but I don't ever feel like I must stop or that I am losing my breath, and even though it feels difficult, its not hard to keep up my pace. Also, I feel pretty good when I am doing it, however occasionally I do have to slow down for a minute or two. My resting heart rate is somewhat high, around 95. Am I working out too hard, possibly doing damage to my heart, or am I entering the anaerobic range? Is it even worth it to work out that hard if I could get similar cardiovascular and fat burning results by working out at like 165 instead?
 
I don't know if your doing to much but...
The average resting heart rate is about 70-75 bmp -

"An Australian-led international study of patients with cardiovascular disease has shown that heart beat rate plays a key role in the risk of heart attack. The study, published in The Lancet (September 2008) studied 11,000 people, across 33 countries, who were being treated for heart problems. Those patients whose heart rate was above 70 beats per minute had significantly higher incidence of heart attacks, hospital admissions and the need for surgery. University of Sydney professor of cardiology Ben Freedman from Sydney's Concord hospital, said "If you have a high heart rate there was an increase in heart attack, there was about a 46 percent increase in hospitalizations for non-fatal or fatal heart attack."
 
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