NEW YORK—Americans know that carrying a credit card balance is a bad idea, but 45% typically do so anyway, a new survey reveals.
As CUToday.info has been consistently reporting, consumers of all ages and financial backgrounds are amassing credit card debt and struggling to live within their means, and these behaviors are only getting worse, Fox Business reported, citing Quicken data.
Roughly 77% of respondents in the Quicken study said they owned a credit card. Most Americans (81%) said paying off credit cards was essential and 64% said carrying a credit card balance was not a good idea.
“However, 45% typically carry one month-to-month,” the news outlets stated in its analysis.
“Even more concerning, over 52% of Gen Z and Millennial Americans say their credit card balance has been steadily growing over the past three to five years, with almost half (48%) admitting to this in America's middle class and over a third (35%) in the highest income bracket of those making more than $200,000,” the survey found, Fox Business added.
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