56 million credit cardholders have been in debt for at least a year, survey finds
CBSN
Although Americans helped stave off a recession in 2023 by spending enough to propel economic growth, it has come at a cost: Nearly half of consumers say they are carrying credit card debt, according to a new survey from Bankrate.
The personal finance firm found that 49% of credit card users carry a balance from one month to the next. That's up a full 10 percentage points from 2021. Of those who revolve their balances, 58% — 56 million people — have been in debt for at least one year, according to Bankrate.
The vast number of Americans racking up credit card debt isn't a sign of reckless spending. The most common reason for not paying off their plastic every month is facing emergency or unexpected expenses, such as medical bills and car repairs, respondents told Bankrate, while many people also use their charge cards to handle daily expenses.
