The average American has thousands of dollars of credit card debt.
As a whole, Americans hold a record $1.14 trillion in credit card debt as of the second quarter of this year, according to the Federal Reserve Bank of New York's August report.
"Credit card debt is easy to get into and hard to get out of," Rossman says.
Carrying credit card debt can cost youCarrying a balance from month to month can make your credit card debt more expensive in the long run due to accruing interest.
How to pay off your credit card debt
Persons:
Ted Rossman, Bankrate, Rossman, it's
Organizations:
Federal Reserve Bank of New, CNBC
Locations:
LendingTree