Americans owe a huge billion in credit card debt as the Federal Reserve reports The COVID- pandemic made people realize the danger of credit card debt In Americans paid a record billion in credit card debt WalletHub found This is article I will show you how to avoid Credit Cards Nightmare Avoid Financial Pitfalls Making mistakes with credit cards can lead to a big financial problem This includes a lot of debt high interest charges and even bankruptcy It's very important to avoid these pitfalls to keep your finances safe Key Takeaways Credit card debt can quickly spiral out of control due to high interest rates late fees and minimum payments Carrying high-interest credit card debt long-term can cost tens of thousands of dollars in interest charges Significant credit card debt over may require seeking debt relief assistance to pay it off efficiently Avoiding unnecessary credit card use and prioritizing debt repayment can help prevent financial hardship Staying vigilant about credit card statements fees and regulations is crucial to maintain financial health The Perils of High-Interest Credit Card Debt Credit cards are handy for managing money but they can turn into a big problem Their high-interest rates are a major issue MoneyWatch says the average interest rate on credit cards is over Compounding Interest How Debt Snowballs Interest compounds quickly making credit card debt grow fast Let's say you have a credit card balance with a interest rate If you only pay the minimum it'll take years to clear the... Login to read full