Nearly half of Americans have been carrying a credit card balance for two or more years. And the average household with revolving credit card debt owes $6,081.
But not making payments in full and carrying a balance can add up, thanks to exorbitant, oftentimes double-digit interest rates.
To give you an idea of just how costly it can be to only pay the minimum on your credit card, personal finance site NerdWallet crunched the numbers and determined the interest costs of paying off debt. It assumed credit card debt of $6,081 and an interest rate of 14.99 percent.