Well-known investor and Shark Tank star Kevin O'Leary blasted Americans' mounting credit-card balances in a video posted Wednesday, calling it "crazy" to pay interest that now averages more than roughly 23% annually, urging viewers to wipe out their debt before it "bites you."
What Happened: The "Shark Tank" star took to all his social media platforms said he personally "owns all the credit-card companies" through market investments because cardholders' double-digit interest payments just keep coming in, making these companies and their investors richer.
"You should pay off your balance, retire all your debt and start saving … The key to life is stay out of debt," O'Leary told his followers across Facebook, X, LinkedIn and Instagram. He added that even borrowers in their 30s or 40s can build wealth quickly once interest stops leaking out: "You'd be amazed at the power of compounding interest over even a decade. It's never too late.”
See also: ‘Why Pay $1,800 Instead Of $300?’ Kevin O’Leary Breaks Down The Real Reason Apple Fans Keep Buying -- And How You Can Copy It
What The Numbers Say: The median advertised credit-card APR reached 24.20 percent in May 2025, according to Investopedia data, nearly five points higher than two years prior. Forbes Advisor's broader weekly survey puts the average rate at 28.67%, close to a record high. Meanwhile, the total revolving card debt has climbed to approximately $1.2 trillion, according to Bankrate's April debt report, which cites New York Fed figures.
Why It Matters: O'Leary has long portrayed consumer debt as "the silent killer." In February, he told Graham Stephan’s podcast, "I don't have any debt. I buy things for cash."
Kevin O'Leary isn't the only one sounding the alarm about credit cards. Fellow "Shark Tank" billionaire Mark Cuban told financial guru Dave Ramsey on "The Ramsey Show" last May, "If you use your credit cards, you do not want to be rich," urging people to pay off all balances and then burn the cards.
Photo Courtesy: Kathy Hutchins on Shutterstock.com
Read next: ‘It Will Have A Chilling Effect On The Creation Of New Foundations,’ The GOP Tax Bill’s Effect On Billionaire Philanthropy
