Further, more than three-quarters of those polled said they won't pay off their balances in full by the end of January, which means they will also add hefty interest charges to those bills. From month to month, credit cards are one of the most expensive ways to borrow money. Card rates now stand at 17.4%, on average, down only slightly from a record high of 17.85% in July.

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How to pay off debt

Make a repayment plan. Start by figuring out what you owe, then decide whether to use the "debt avalanche" or "debt snowball" method to chip away at those revolving loans. The avalanche method lists your debts from highest to lowest by interest rate. That way you pay off the debts that rack up the most in interest first. Alternatively, the snowball method prioritizes your smallest debts first, regardless of interest rate. The idea is that you'll gain momentum as the debts are paid off and that will motivate you to keep going. "Having a plan on how you'll pay off the debt can keep you focused on what it will take to attain 'financial freedom,'" Schwab-Pomerantz said.