Credit card debt is one of the most expensive forms of consumer debt due to its high interest rates, which commonly range from 15% to 30% APR. When you carry a balance and make only the minimum payment, the majority of your payment goes toward interest charges rather than reducing the principal, which is why it can take years or even decades to pay off a relatively small balance.

For example, a $5,000 balance at 22.99% APR with a $100 monthly payment would take roughly 9 years to pay off and cost over $5,800 in interest alone, more than doubling the original balance. Increasing your payment by even a small amount each month can dramatically shorten the payoff period and reduce total interest costs.

If you are carrying credit card debt, consider strategies like the avalanche method (paying the highest-rate card first), balance transfer offers with promotional 0% APR periods, or debt consolidation loans with lower fixed interest rates. The most important step is to pay more than the minimum whenever possible and to stop adding new charges to the card while paying it down.