8 Things That Contribute to Credit Card Debt — and How To Avoid Them

Credit cards can be useful tools, but they can also lead to financial ruin. According to the Federal Reserve, the average rate paid on credit card accounts that were assessed interest is 22.83%. At that enormous interest rate, even small amounts of debt can rapidly spiral out of control. This is why it’s so important to understand what actually drives credit card debt, and what you can do to avoid it. Here are eight common contributors to credit card debt, along with strategies to counter them. 1. Carry ...