More Americans are racking up credit card debt as inflation pushes up the cost of food, utilities and other staples.
from CreditCards.com, 60% of credit card holders have been carrying balances on their cards for at least a year, up 10% from 2021.
"It's even harder to get out of debt when it's spending on necessities that got you into that position in the first place," said Ted Rossman, senior analyst at Creditcards.com."These expenses aren't easily avoided." The report shows that 59% of Americans who earn less than $50,000 a year carry a credit card balance from month to month. The percentage drops slightly to 49% for those who earn between $50,000 and $80,000 and dips again to 46% for people making $80,000 to $100,000 a year.
The CreditCards.com report is based on an online survey of 1,834 card holders conducted last month. Card holders also reported piling on debt because they had to pay unexpected costs like medical bills or home and car repairs.
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