While its true that the average American owes $9,000 in credit card debt, it's also true that many people owe a great deal more than this. Unfortunately, if you find yourself in a situation where your credit card debt is “through the roof” and your interest rates are hovering above 20%, it's not likely that you can realistically pay it off in less than 40 years if you're just making the minimum monthly payments.

For instance, if the amount of credit card debt you owe is $50,000, at an average interest rate of 24.99%, it will take you exactly 41 years and two months to completely eliminate your credit card debt. And it gets worse – the total you will end up paying at the end of 41 years is a staggering $102,129, with more than half of this amount going toward interest.

Even putting yourself on a five-year plan will end up costing you. You see, if you can afford to pay $1,437.34 each month, you'll end up paying a total of $86,240, with $36,240 of that going toward interest.

To avoid this trap it's important to review other options to eliminate your debt. If you have sufficient equity in your home you may qualify for a low-interest home equity loan. If you're struggling to pay your bills each month, you might want to expand your options to consider consumer credit counseling, debt settlement or even bankruptcy.

No matter what your current situation, if you owe a significant amount of money on high interest credit cards it's highly recommended that you choose an alternative to continually paying the minimum required payments, as this path will only lead you to several more years of high debt and payments.