Many consumers had credit card debt even before the holidays. Average card balances climbed to $6,629 in mid-2019, up from $6,354 two years earlier, according to a report from the credit bureau Experian. The average debt “revolved,” or carried over, was 30 percent of the credit limit — the same as in 2017 — suggesting people are managing debt “responsibly,” the company said. Still, with the average card interest rate about 17 percent, carrying a balance on a credit card is expensive. If not, he said, make a plan to pay down the balances — by April, if you can swing it.

Source: New York Times January 03, 2020 14:01 UTC