To clear your credit card debt in 1, 2, or 3 years, here's how much you'd need to pay monthly:

The average American has thousands of dollars of credit card debt.

The Federal Reserve Bank of New York's August report indicates that Americans have a total credit card debt of $1.14 trillion in the second quarter of this year.

The average balance of individuals has increased from $5,947 to $6,330, according to TransUnion data.

According to Ted Rossman, senior industry analyst at Bankrate, Americans are not typically going into debt for flashy purchases. Instead, they tend to accumulate debt for practical reasons such as emergency expenses and daily living costs, which can be challenging to break out of.

A third of Bankrate surveyed consumers held credit card balances between one and three years.

Rossman states that getting out of credit card debt is difficult, while getting into it is effortless.

Carrying credit card debt can cost you

Consistently paying off credit card debt is more financially beneficial in the long run than carrying a balance from month to month.

CNBC determined the monthly payments required to eliminate $6,330 in credit card debt within one, two, and three years, along with the accompanying interest charges.

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If you pay off your $6,330 credit card balance with an interest rate of 25% while not adding to your debt, CNBC's calculations indicate that you will pay $1,168 in interest over the course of 18 months.

1 year

• Monthly payment: $602
• Total amount paid: $7,200
• Additional interest paid: $890

2 years

• Monthly payment: $338
• Total amount paid: $8,108
• Additional interest paid: $1,778

3 years

• Monthly payment: $252
• Total amount paid: $9,060
• Additional interest paid: $2,730

Paying off credit card debt quickly can save you thousands in interest charges. If you take three years to clear a balance of $6,330 instead of one year or less, you will end up paying significantly more in interest.

You can use CNBC Make It's debt payoff calculator to determine how quickly you can pay off your debt based on the amount you owe, your interest rate, and different repayment timelines.

How to pay off your credit card debt

Experts typically suggest two common methods for paying off credit card debt.

1. The avalanche method involves prioritizing paying off the card with the highest interest rate first, after making minimum payments on all cards. Any extra cash should be directed towards the balance with the highest interest rate, and once that's paid off, the card with the second-highest interest rate should be cleared. This approach can help you save money on interest charges in the long run.
2. The snowball method involves prioritizing the elimination of your smallest balance first by making minimum payments on all cards and funneling any extra money towards the card with the smallest overall balance. Once that card is cleared, any remaining funds should be directed towards the second-smallest balance, and so on, until the highest balance is paid off. The initial small victories can motivate you to continue.

Matt Schulz, the chief credit analyst at LendingTree and author of "Ask Questions, Save Money, Make More," advises CNBC Make It to start and persist with any method to achieve financial goals.

"Finding a debt repayment method that works for everyone is impossible, but what matters is discovering something that works for you and sticking to it until the end."

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