A new survey reveals that approximately half of Americans with credit cards are in debt, with many carrying balances for over a year. While some debt is attributed to emergencies, a significant portion stems from everyday costs like groceries and childcare, highlighting the financial strain many face. The survey emphasizes the importance of responsible credit card use and the need for emergency savings.
About half of Americans with credit cards are in debt, and about half of those folks have been in debt for over a year, according toAnd much of that credit card debt is fueled by emergency expenses or simply day-to-day living.
“The conventional wisdom is that they're being irresponsible,” Rossman said of people who accumulate credit card debt. “But I want to refute that and point to survey data that shows that it's usually practical stuff.” The new survey found 28% of credit card users with debt got underwater from groceries, child care, utilities or other day-to-day expenses.
Credit Card Debt Personal Finance Emergency Savings Inflation Consumer Spending
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