NEW YORK–A midyear report on the state of credit card debt in the U.S. has been released, finding that nearly half of Americans carry a card balance.
In releasing its Credit Card Debt Report, Bankrate reminded consumers that credit card debt is a “slippery slope.”
“As soon as it starts rolling down the hill, it gains momentum and size, thanks to interest,” it cautioned consumers.
The Stats
At mid-year, Bankrate reported:
- 46% of credit cardholders report having a credit card balance. About a quarter (23%) don’t think they’ll ever pay it off.
- Emergency and day-to-day expenses are the most common reasons for credit card debt
- Among credit card debtors, 45% say their debt comes from emergency/unexpected expense(s), including car repairs (11%), medical bills (10%), home repairs (8%) and other emergency or unexpected expenses (16%).
- 28% cite day-to-day expenses such as groceries, childcare and utilities.
- 64% of credit card debtors, defined as credit cardholders who carry a balance month to month, have delayed or avoided other financial decisions because of their credit card debt.
