Posted by Elisabeth Leamy, Thu May 21 2015, 02:23AM
If your debts are high and your credit score is low, chances are credit cards are the culprit. The Federal Reserve says the average amount of credit card debt among families that carry a balance was $7,300 in 2007, the latest year for which numbers are available. The average credit card interest rate is 15 percent. Put those two together and it’s clear credit cards are pricey products. If you charged nothing more, (which is unlikely!), you would owe about a thousand dollars in interest over the course of a year.