I was shocked to learn the average customer takes six years to pay off a single purchase - is this true?

Credit card debt is growing to crisis proportions as balances hit almost $1.2 trillion, an all-time record amount. This trend poses serious implications for American households.

While the average balance on credit cards rose 4.8% year-over-year, it indicates the ongoing struggle families face to manage their finances amid rising costs of living.

There may be anecdotal evidence suggesting it takes consumers as long as six years to pay off a single purchase, leading to significant interest fees over time.

Despite a nominal decline in delinquent accounts, 8.8% represents an elevated issue that continues to affect many Americans, emphasizing the importance of financial management.

Read at 24/7 Wall St.