A new survey reveals that nearly half of Americans with credit cards are in debt, with many struggling to keep up with everyday expenses and emergencies. The survey highlights the growing reliance on credit cards for essential needs and the dangers of accumulating high-interest debt.
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 Inflation Emergency Expenses Consumer Spending
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