NEW YORK— For a second straight year, the biggest theme in credit cards is debt, according to a new analysis from Bankrate.
“Specifically, more people are carrying more of it for longer periods of time — and at record-high interest rates,” Bankrate said.
As was the case in 2023, paying down debt is Americans’ top financial resolution for 2024, a recent Bankrate survey found.
“Our most recent credit card debt survey conducted over the summer revealed that 47% of credit cardholders carry balances from month to month, up from 39% in 2021,” Bankrate said. “And 60% of these individuals with credit card debt have been in debt for at least a year, up from 50% in 2021.
“Americans’ total credit card balances add up to a record $1.08 trillion, according to the New York Fed. That’s a whopping 40% increase since the first quarter of 2021,” Bankrate added.
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