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Staggering Statistics on America’s Credit Card Debt State

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Most Americans have credit card debt. A recent survey by GOBankingRates found that 30% of Americans have between $ 1,001 and $ 5,000 in credit card debt, 15% have $ 5,001 or more in credit card debt, and about 6% have over 10,000. $ credit card debt. While 6% may seem like a small amount, it means that according to the survey results, 14 million Americans have more than $ 10,000 in credit card debt.

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Here is a look at even more mind-boggling statistics on the state of credit card debt in America.

Last updated: October 4, 2021

Astarot / Getty Images / iStockphoto

Astarot / Getty Images / iStockphoto

Almost a quarter of Americans think it will take 2 years or more to pay off their credit card debt

While 59% of Americans think they’ll be able to pay off all of their credit card debt in the next six months, a good chunk think it will take two years or more. Thirteen percent think it will take a few years, 8% think they will be able to pay off their debt in five years, and 2% think they will never pay it off.

To start: Make a debt-free future your reality

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Shutterstock.com

15% of Americans have been in credit card debt for 15 years

A separate investigation conducted by Inside 1031 found that 55% of people have a month-over-month credit card balance. Additionally, 40% have not been without credit card debt since before 2018 – and 15% have had credit card debt since before 2006.

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GeorgeRudy / Getty Images / iStockphoto

GeorgeRudy / Getty Images / iStockphoto

Nearly half of Americans need credit cards to cover basic living expenses

The Inside 1031 survey found that 49% of Americans depend on credit cards for basic living expenses. It’s more common among younger generations: 61% of Gen Zers and 53% of Millennials use credit cards for their living expenses. Conversely, only 26% of baby boomers rely on credit cards to cover their essential expenses.

See: 10 things to do now if you have a credit score of 500

WAYHOME studio / Shutterstock.com

WAYHOME studio / Shutterstock.com

45% of Americans took on more credit card debt during the pandemic

Since March 2020, nearly half of all Americans have taken on more credit card debt, according to the survey. People with month-to-month credit card balances are more than twice as likely to report having more debt now than before the pandemic.

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Shutterstock.com

Most Americans have missed at least one credit card payment

According to the survey, 57% of Americans have missed at least one credit card payment. The most common reason for missing a payment was simply forgetting (37%), but the second most common reason was paying for food and groceries (32%).

To find: 10 signs it’s time to give up your credit card

PredragImages / Getty Images

PredragImages / Getty Images

43% of Americans would use credit cards to cover a $ 2,000 emergency

Thirteen percent of Americans have no emergency savings and 37% currently have less than $ 1,000 in emergency savings, so it’s no surprise that nearly half of Americans said that they would use a credit card to cover a $ 2,000 emergency.

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This article originally appeared on GOBankingRates.com: Staggering Statistics on America’s Credit Card Debt State


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