Posted 1/8/2024, 11:00:00 AM
Credit Card Debt Soars to $1.08 Trillion as Nearly Half of Cardholders Carry Balances and Struggle with Repayment
- Nearly half (49%) of credit card holders are carrying debt month-to-month, up from 39% two years ago
- Over half of those with credit card debt have carried it for over a year
- 10% don't think they'll ever pay off credit card debt; 25% think it will take 5+ years
- Common reasons for increased credit card debt are unexpected expenses and daily necessities
- Total credit card debt recently surged to a record $1.08 trillion as interest rates climb, making debt more expensive