WASHINGTON — More Americans are accumulating credit card debt and, as every credit union that has ever worked with members in debt knows, the longer it lingers, the harder it becomes to pay off, a new report confirms.
New data from Bankrate reveals nearly half of Americans with credit cards carry a balance from month to month, with the majority of that group remaining in debt for more than a year.
“Age appears to play a significant role, as more than half of Millennials and Gen Xers reported carrying credit card debt, compared to just 42% of younger Gen Z cardholders,” the Bankrate report shows.
As CUToday.info has reported, the higher prices for essentials such as gas, groceries, and rent have led many Americans to rely more on credit cards to make ends meet, the Bankrate data shows.