Nearly 56 Million U.S. Cardholders Struggling with Credit Card Debt 💳

Survey Details , Credit Card Debt , Facing 56 Million Cardholders.<br />CBS reports that recent data suggests nearly <br />half of all consumers in the United States <br />are living with credit card debt.<br />According to a new survey by Bankrate, 49% of <br />credit card users have a balance from one month to <br />the next, an increase of 10% points compared to 2021.<br />Bankrate's survey showed that 58% of those who <br />manage to resolve their balances have been in debt <br />for over a year, accounting for 56 million people.<br />Respondents' answers suggested that <br />the most common reasons for not paying off their <br />credit debt are emergencies or unexpected expenses. .<br />The St. Louis Federal Reserve Bank <br />found that U.S. consumers owe over <br />$1 trillion in credit card debt for the first time ever.<br />The news comes after credit card rates <br />jumped and inflation continues to impact <br />the purchasing power of many households.<br />In 2023, the average credit card annual percentage <br />rate reached a record 20.74%, an increase of <br />4.44% points compared to early 2022.<br />Inflation is making an <br />existing trend worse, Ted Rossman, Bankrate senior industry analyst, via CBS MoneyWatch. .<br />We've been seeing this for <br />a while, with more people <br />carrying more debt for longer <br />periods of time. It's moving <br />in the wrong direction, Ted Rossman, Bankrate senior industry analyst, via CBS MoneyWatch. .<br />CBS reports that Bankrate's findings were based on <br />a survey of 2,350 adults, including almost 1,800 credit <br />cardholders, 873 of whom carry a balance on their accounts