ST. LOUIS–The ongoing increases in rates aren’t helping the 61% of Americans who say they are in credit card debt and who say they owe, an average, $5,875, according to a new survey.
The survey of 1,000 U.S. credit card users by Clever Real Estate found that with most Americans having little saved, 48% reported they already depend on their cards for essential living expenses, such as rent, food, and utilities.
Key Takeaways
In addition to the data points above, among the key takeaways in the new survey, according to Clever:
- Millennials owe $6,794 on average, the most of any generation.
- The average credit card user spends $1,506 on their cards per month.
- Millennials spend the most, averaging $2,410 per month.
- 43% of credit card users have missed a payment in the last five years, including 14% in 2023.
- The most common reasons for missing a credit card payment are forgetting to pay (36%) and needing to buy food or groceries instead (36%).
- 23% of credit card users say they go deeper into debt every month.
- 33% have paid off one credit card bill with another credit card.
- 23% of Americans in credit card debt think it will take more than five years to pay off their balance.
- Of those with credit card debt, 49% blame their own excessive spending habits.
- 81% of Americans with credit card debt are also in some other form of debt.
- Americans rank credit card debt as the most stressful form of debt, ahead of medical debt and mortgage debt.
- 47% of Americans who have had credit card debt say it has prevented them from building emergency savings, and 22% say it has prevented them from buying a home.
- 48% say they depend on their credit card for essential living expenses, such as rent, food, and utilities.
- 53% of Americans have maxed out a credit card at some point — including 29% who do so monthly.
- 63% of credit card users think the U.S. will eventually become a cashless society, including 31% who say it will happen in the next 10 years.
The full survey can be found here.
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