MIAMI—With Autumn well underway new research released by WalletHub has found a substantial portion of consumers are still carrying balances from the last Fall and, not surprisingly, are struggling when it comes to paying them down.
“These trends raise concerns about financial fragility for a large portion of the population.,: WalletHub said.
Key findings in WalletHub’s newest Credit Card Debt Survey on consumers’ financial hardships and current attitudes include:
- 43% of respondents say they are still paying off credit card debt from last fall.
- 33% of people predict they will have more credit card debt by the end of 2025.
- Nearly 2 in 5 Americans say they can’t handle more credit card debt, and 1 in 5 say they are very stressed about their debt.
State-by-State Differences
Meanwhile, across U.S. states, the burden of credit card debt and the time required to pay it off continue to vary significantly, WalletHub reports.
Delinquency rates for credit cards remain elevated in some states — for example, Nevada had the highest average credit card delinquency rate among the states in 2024., the company said.
“Americans are increasingly relying on credit cards to fill the gaps in their budgets,” WalletHub said. “The variation across states in debt levels and delinquency rates also highlights how much local economic conditions influence financial stability. Factors such as housing costs, employment opportunities, and income growth all play a role, as do consumer behavior patterns like credit card usage and budgeting. In many states where households carry higher balances, residents are also dealing with higher living costs or slower wage gains, making it even harder to keep up.”
