Credit card debt is worse for those with high income

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Credit cards are a growing problem for everyone.

The average American now carries a credit card balance of nearly $6,200, according to Experian, also up from a year earlier.And U.S. adults with a net worth of $100,000 or more are more likely to carry credit card debt than those with fewer assets, Bankrate said.

In fact, those with a net worth between $100,000 and $199,999 are the most likely to carry credit card debt, followed by people with a net worth between $200,000 and $1 million. Adults worth more than $1 million were the least likely to carry such high-interest debt, Bankrate found. Ted Rossman, industry analyst for CreditCards.com, faulted "lifestyle creep." Today's "keeping up with the Joneses" mentality is"It doesn't make sense to finance a fancy lifestyle with credit card debt," Rossman said. "That's costing you a lot of money over time and risking your financial stability."

 

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I have 16 credit cards at one time now I only have to I’m getting rid of one no more credit card for me

We buy things we don't need with money we don't have. consumers

'The average American now carries a credit card balance of nearly $6,200' That's a lot for some people, sure. But I think for a lot of people that isn't all that much either.

What the heck is a credit card for if you're not taking on debt? Granted some people take on too much but there is such a thing as good debt.

I have 3 credit cards and no balance on them. I bought two income properties on lines of credit and have no balance after the renters themselves paid in full after 7 years. I own 2 Luxery vehicles outright with no balance. This article is fake news.

We are fine.

Trump needs a recruitment vehicle for his war in Iran..If school debt misses a few.. - Credit cards are a growing problem for everyone.

putsbuyer We are in the biggest bubble in human history

Not everyone zerodebt

How does the debt level compare to 2008 and has thge debt level outpaced income growth?

Making mountains out of mole hills!

Not everyone

No, not being able to spend money on things you can’t afford is a growing problem for stupid people. And politicians who want to bail them out with the money of others is a growing problem for responsible people. Credit card companies deserve to lose their predatory asses.

we live in an evil country

But people will blame someone else, anyone else, for living paycheck to paycheck. No personal responsibility anymore.

Finance companies & other sources of revolving credit could kill this economy.

Idk about everyone. I don't seem to have any problem with them.

And you guys pay like 15-20% yearly we pay almost 70%. Me i pay 0% never pay interest monthly.

Credit card debt, national debt, student loan debt, car loan debt, Medical debt....all the bills are going to be due one day.... usually happens during a republican presidents second term.

Stop showing absolute numbers. Complete misrepresentation of any dataset. ALL numbers will grow in world w/ increasing population and inflation. Show relative to net income, total debt, total savings, etc. percentage terms are apt here.

Trump loves debt

Right along with the trade deficit . . . hmmmm.

Stop using them...

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