Revolving debt is simply debt incurred on a revolving credit account. For example, nearly all Americans have a large amount of revolving debt accumulated through use of credit cards. Revolving debt requires some variable payment amount (e.g., at least the minimum monthly payment) each billing cycle. The remaining principal is then assessed interest and fees which are added to the principal to begin the next billing cycle. Although revolving debt is incurred through convenient use of credit cards, the high interest rates typically charged make it difficult to pay off.