Nearly half of all credit-card users say they’re carrying debt each month — and 60% of people with credit-card debt have owed money for at least a year, according to a new report from Bankrate’s CreditCards.com.
“Even though Americans’ total credit card balances are down 4% from late 2019, according to the New York Fed, our data is further evidence of the K-shaped economy,” Ted Rossman, a senior industry analyst at Bankrate, said in a statement. ”While many people are doing better, sadly, many others are doing worse.”
“I think the 50% figure from last year was artificially low because so many people paid down credit card debt during the pandemic . But now it’s 60% — the highest among those four years,” Rossman said in an email. “I think it shows how high inflation and higher interest rates are making credit card debt into an even more persistent problem. And while we’re thankful that the pandemic has gotten better and more people are traveling and dining out, these expenses can create cost pressures as well.
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