American consumers are really feeling the pressure of credit card debt. Data shows that the average American carries between $6,500 and $7,900 in credit card debt, with interest rates generally around 20%. In other words, if someone owes $7,000, they would pay about $117 in interest alone each month. What can this money be used for? If placed in a fixed deposit, the interest earned in a year is only a few dozen dollars, yet credit cards require you to pay out of pocket every month. Even more heartbreaking is that if interest rates drop by just one or two percentage points, the overall repayment pressure could be significantly eased.