Survey Details Credit Card Debt Facing 56 Million Cardholders

Survey Details , Credit Card Debt , Facing 56 Million Cardholders.

CBS reports that recent data suggests nearly half of all consumers in the United States are living with credit card debt.

According to a new survey by Bankrate, 49% of credit card users have a balance from one month to the next, an increase of 10% points compared to 2021.

Bankrate's survey showed that 58% of those who manage to resolve their balances have been in debt for over a year, accounting for 56 million people.

Respondents' answers suggested that the most common reasons for not paying off their credit debt are emergencies or unexpected expenses.

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The St.

Louis Federal Reserve Bank found that U.S. consumers owe over $1 trillion in credit card debt for the first time ever.

The news comes after credit card rates jumped and inflation continues to impact the purchasing power of many households.

In 2023, the average credit card annual percentage rate reached a record 20.74%, an increase of 4.44% points compared to early 2022.

Inflation is making an existing trend worse, Ted Rossman, Bankrate senior industry analyst, via CBS MoneyWatch.

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We've been seeing this for a while, with more people carrying more debt for longer periods of time.

It's moving in the wrong direction, Ted Rossman, Bankrate senior industry analyst, via CBS MoneyWatch.

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CBS reports that Bankrate's findings were based on a survey of 2,350 adults, including almost 1,800 credit cardholders, 873 of whom carry a balance on their accounts