Another Survey Finds Americans Carrying More Card Debt; 35% Say They’ve Maxed Out

04/23/2024 07:32 pm

NEW YORK—The increase in credit card debt signals that many Americans are struggling to pay for basic needs, a new report suggests.

Roughly 45% of respondents to an Americans in a Debt.com survey listed inflation and rising prices as the reasons why they've relied so heavily on credit cards, Fox Business said.

Nearly 9% of all respondents said they got a credit card to pay for a financial emergency.

“Moreover, 35% of Americans said they have maxed out their credit cards in recent years,” Fox Business said.

Of those who had maxed out their credit cards, 85% said they were pushed to use their cards to the limit because of price increases from inflation. Approximately 22% of Americans reported they now owe between $10,000 to $20,000 in credit card debt, and 5% have more than $30,000.

‘Stark Indication’

"In today's economic landscape, the surge in credit card debt is a stark indication of the financial strain many Americans face," Debt.com Chairman Howard Dvorkin said in a statement. "With record-high debt levels and a significant portion of individuals maxing out their credit cards, it's clear that households are grappling with unique challenges."