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If you really, really want to sabotage your finances then start carrying balances on your credit cards so that your building up debt. Again, you won't be alone if you do this. According to the website NerdWallet American households average $15,762 in credit card debt. We understand that there can be instances where you need to use a credit card and carry its balance forward but we’re sure you could avoid a lot of this debt. And it can be hard to achieve debt relief because of the high interest charges associated with most credit cards.
If you are carrying a balance forward it's because you're probably making just the minimum payment, which is typically between 2% and 5% of your balance. Here’s why this is so bad. If you owe $5000 on a card with an 18% interest rate and made just a minimum payment of 4% every month, it would be 134 months before you would have the $5000 paid off and would cost you $2,873.50 just in interest.
The solution to this is also simple. Just use the credit card to establish a credit history and not to make purchases you can’t really afford. Also, if you need to make a big purchase, try to get a 0% balance transfer rate credit card. Always be aware of your spending and never spend more than you can afford.
There are also some things you could do to get out of credit card debt fairly quickly as explained in the following video.