Will a High Credit Card Balance Hurt My Credit?

If you think you owe a lot of money on your credit card, you're not alone. Among U.S. households who have credit card debt, the average balance is somewhere in the ballpark of $16,000. Ouch.

Of course, racking up credit card debt automatically means losing money to interest charges so clearly it's not the sort of thing you want to do. But interest aside, having too high a balance could negatively impact your credit score by driving up your credit utilization ratio. And that could take a long time to recover from.

IMAGE SOURCE: GETTY IMAGES.

Source: Fool.com