Experts say putting every dollar toward $35,000 in credit card debt could backfire — here's another approach

shutterstock.com / PormezzIn early 2026, the average American had $6,595 in credit card debt. While this doesn't seem like an unmanageable sum, credit card debt comes at a high interest rate, and most cards typically set low minimum payments, which can keep people in debt for decades. Unfortunately, some people have far more than the average debt, which can put them in a precarious financial position. Let's pretend, for example, that Laurel is 30, was unemployed for a year, and now has $35,000 in credit card debt and $0 savings. In fact, the average credit card interest rate is 20.94% as of May 2026.