Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTChristy BieberSun, July 5, 2026 at 7:30 PM GMT+2 6 min readshutterstock.com / fizkesIn the first quarter of 2026, Americans collectively had $18.8 trillion in household debt (1). Some of this is credit card debt, which comes at a very high cost. In fact, the Federal Reserve Bank of St. Louis (2) reported that the average credit card interest rate was 21% as of April 7, 2026.Carrying credit card debt can be really stressful because it is so costly and because minimum payments on cards are essentially designed to keep you trapped in debt forever. Unfortunately, if you're struggling to pay your credit card bills, you may be desperate for any solution, including raiding your retirement account.Must ReadJeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being oneDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake —