It could take up to 5 years to pay off 2019 holiday debt
ways to borrow money. Card rates now stand at 17.4%, on average, down only slightly from a record high of 17.85% in July.
If you only made the minimum payments on a $1,325 balance, it would take more than five years to pay it off, while racking up more than $600 in interest charges . Still, many Americans continue to take on ever-increasing amounts of borrowing. As credit card balances creep higher and Americans' confidence in their ability to pay their bills declines, adding on even more high-interest debt is a "slippery slope," said Briana Wight, a consumer research specialist at MagnifyMoney.
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