NEW YORK—As CUToday.info has extensively reported, U.S. consumers are running up credit card debt to a record level, but new data reveals another concerning statistic: 39-million Americans have been carrying credit card debt for at least two years.
The report from CreditCards.com also shows 14% of consumers with credit card debt have been carrying a balance for at least five years, while 7% can't even remember how long they've been in debt.
“When we think of the reasons why people might end up with credit card debt, it's easy to point a finger at impulse shopping. But actually, more than a third of U.S. adults attribute their credit card debt to emergencies –14% cite car repairs, 12% blame medical bills, and 9% chalk it up to home repairs,” stated USA Today in its analysis of the CreditCards.com study.