The Credit Card Catch 22: When Savings Become a Liability Craig's situation is all too common – he has $19,000 in savings, but $13,000 of debt spread across six credit cards threatens his financial security.
According to recent data, 49% of Americans consider credit card debt normal, with an average balance of around $11,000.
The math is stark: every $1,000 in credit card debt costs about $200 per year in interest if it's not paid down.