4 in 10 Americans with credit card debt get this wrong—it will 'keep you in debt much longer,' expert says

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 a record high. And a common myth could make it worse.

Survey: 2 out of 5 people with credit card debt believed making...

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. It's an easy assumption to make, sa…

A key reason debit balances continue to rise on credit cards has more to do with confusion.