AUSTIN, Texas—Nearly half of all U.S. adults who carry credit card debt—about 29 million people—say they've been carrying their balances for at least two years now, according to a new report.
The CreditCards.com study shows that half of them (15 million) have had an outstanding balance on their cards for at least five years. Those most likely to be carrying debt were older Baby Boomers (age 63-71) at 63%, while the Silent Generation (ages 72+) followed at 57%, Fox Business reported.
More than 50% of younger Millennials (ages 18-26) cited day-to-day expenses for their added debt, while only 35% of Generation Xers blamed their debt on simple life choices, the study shows.
Additional reasons included: retail purchases (16%), medical bills (12%), home repairs (10%), vacation expenses (10%) and car repairs (7%).
“People who make more money and have a higher education are more likely to carry debt than lower income, less educated and unemployed Americans,” Fox Business stated.