Rising interest rates sounding alarm bells for debt-laden consumers

If you owe money on your credit card, however, an extra quarter point might not make much difference. Take, for example, a consumer who owes $1,000 on a card with a 19% annual rate. If she only meets the minimum payments, Credit Karma estimates she won’t pay off the debt for more than five years, racking up $600 in total interest charges over that time period. If the interest rate goes up by a quarter point, she’ll end up paying just $16 extra in interest.