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U.S. consumers maintained their strong performance during the first quarter of 2021, paying off $56.5 billion in credit card debt.

KXLY April 14, 2021 6:00 AM Elizabeth Renter Posted: Updated: Getty Images Credit card debt can be very expensive. But if you’re paying only the minimum when you can afford to do more, it could be that your past is to blame. When you carry a balance on one or more cards from month to month, you wind up paying far more for the items charged as interest stacks up, and wiping out that balance can take decades. But paying off a credit card isn’t always a simple task. While it’s important to understand how the interest on such debt works against you, managing credit card debt isn�...

By the end of last year, the average household credit card balance fell to $8,089, WalletHub found. Credit cards are one of the most expensive ways to borrow money. Card rates now stand at 15.99%, on average, down slightly from a record high of 17.85%. Many experts predict there could be a surge in consumer spending once more people are vaccinated and Covid-related restrictions are lifted, which could undo some of the recent progress made toward paying down debt. Consumers have "plenty of purchasing power" that will combine with pent-up demand to provide "accelerants for growth," the trade...