WoW! This is rough! That $5,000 is the average. It makes you wonder as you look around at your friends and family, how many of them owe even more! Plus with these interest rates, how does the average person get out from under those payments?
And penalties are far stiffer than they were in the past. Late fees have more than doubled in the past 10 years. And if you miss a payment - even by a few hours - your interest rate could increase to 30%, according to Curtis Arnold of cardratings.com.