The more credit card debt you carry, the more money you end up throwing away on interest charges. In fact, it's easy to get caught up in a cycle where you rack up a modest amount of credit card charges, make only your minimum payments, and then accrue interest that leaves you grappling with that debt for years. While total household debt rose by $85 billion to reach $14.64 trillion during 2021's first quarter, credit card balances declined by $49 billion, according to the Federal Reserve Bank of New York.
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