NEW YORK—A new study shows an increasing number of Americans are relying on credit for daily expenses.
A total of 41% of U.S. adults say they rely on credit cards to cover purchases throughout the month after paying for monthly expenses such as rent/mortgage, car payments, and childcare, according to CivicScience consumer polling.
And many are going into debt as a result, adding to the growing amount of national credit card debt, which reached $1.14 trillion this year, CivicScience said.
New data show that 25% of U.S. adults reported they took on credit card debt in the past month to afford gas, groceries, and other essentials, CivicScience said.
An additional 16% said this is a common occurrence, as in something they do every month.
“All in all, that adds up to 41% of Americans who are living in a state of debt just to get by,” CivicScience noted.