The average balance on a credit card is now almost $6,200, and the typical American holds four credit cards.
By Aimee PicchiAmericans may have a love-hate relationship with their credit cards, but that’s not preventing them from piling on debt.
48. Most Americans are in debt America is drowning in debt and the problem is only getting worse. Nearly 81% of baby boomers, 80% of gen Xers, and 81.5% of millennials currently owe money in the form of a credit card balance, student loan, mortgage, medical bills, unpaid bills, or car loan.
What's eye-opening are the types of expenses consumers blame on their credit card debt, says Michael Micheletti, director of corporate communications for Freedom Debt Relief. The debt-reduction company in January surveyed more than 2,000 U.S. consumers about their debt, savings and outlook to get a snapshot of their financial health.
“A decade ago, we were just starting to come out of the recession caused by the financial crisis,” he notes. “Since then as the economy has recovered and strengthened, consumers have increased their borrowing as they tend to do during good times.”
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