
4 in 10 Americans with credit card debt get this wrong—it will 'keep you in debt much longer,' expert says
Credit card debt is at an all-time high. American consumers carry a combined balance of $1.2 trillion, according to a recent report from the Federal Reserve Bank of New York. A key reason balances keep growing may have less to do with spending and more to do with confusion: A recent survey from Experian found that 2 in 5 Americans in credit card debt believe making the minimum payment is enough to manage it.