Discover how your credit card bill compares to the U.S. average and learn ways to manage debt, lower interest costs, and take control of your spending.

If you're considering credit card debt forgiveness, steer clear of these slip-ups in the new year, experts say.

About 3 in 5 cardholders (61%) with credit card balances have been in debt for at least a year — that’s up from 53% in late 2024. This includes 31% of those who have been in debt for at least three years and 21% who have been in debt for at least five years.

For example, the Prime Rate is currently 6.75%. There’s nothing preventing a card issuer from tweaking a new customer offer from Prime Rate + 13% up to Prime Rate + 13.25% if it wishes to mitigate the impact of a Fed rate cut and make more money from interest charges.

According to a new study by Bankrate, 61% of people with credit card debt have been holding it for at least a year — up from 53% in late 2024.

You may have a legal obligation to repay old debts, but there are also strict limits on debt collectors' tactics.