US credit card debt continues to climb (blame higher prices)

US credit card debt continues to climb (blame higher prices)

Financial debt is to consumers what an interception is to NFL quarterbacks – a big step backwards, only on the wrong side of the financial grill.

Yet that’s exactly where a growing number of American 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 debtors say they’ve had card debt “for at least a year.” That’s up from 50% in 2021, the report notes.

Overall, almost half of credit card holders (48%) have credit card debt from month to month. 40% of credit card debtors 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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