US Credit Card Debt Keeps Rising (Blame Higher Prices)

US Credit Card Debt Keeps Rising (Blame Higher Prices)

Financial debt is to consumers what an interception is to NFL quarterbacks: a big step backwards, just on the wrong side of the financial grid.

Yet that is exactly where a growing number of US credit card consumers find themselves in the second half of 2022, with plastic debt a growing problem.

CreditCards.com has the goods, with a new study showing that 60% of US credit card borrowers say they’ve been in card debt “for at least a year.” That’s a 50% increase in 2021, the report noted.

Overall, nearly half of credit card holders (48%) have credit card debt from month to month. 40% of credit card borrowers have been in debt for at least two years (up from 32% in 2021), 28% for at least 3 years and 19% for at least five years, CreditCards.com reported.

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