NEW YORK—In a trend that CUToday.info has reported every year since 2016, many Americans are again reporting they have more credit card debt than savings—although this year the percentage of Americans facing that reality has risen to a new high.
According to the newest data, 36% of American adults said they have more credit card debt than emergency savings, the annual survey by Bankrate found, USA Today reported.
In more than a decade of polling, the figure has never been higher.
“Roughly half of all credit card holders now carry balances from month to month, Bankrate found in another survey, up from 39% in 2021. The average borrower holds $6,360 in card debt, TransUnion reports, an all-time high,” USA Today said.
‘The Wrong Direction’
Added Todd Rossman, senior analyst at Bankrate, “It’s worrisome because credit card rates are at record highs. Unfortunately, we’re moving in the wrong direction on a lot of this.”
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