46% of Americans Carry Credit Card Balance and 23% Don’t Think They Will Ever Pay it Off
A recent Bankrate survey found that 46 percent of Americans carry a credit card balance month to month, and 23 percent believe they will never get out of credit card debt. A growing number of Americans are holding long-term debt, as 60 percent of credit card debtors have been in debt for over a year, up from 53 percent in late 2024.
“Americans have trouble talking or even thinking about credit card debt. We need to take the stigma out of it,” said Ted Rossman, Bankrate Senior Industry Analyst. “If you have credit card debt, you have plenty of company, and the causes are usually practical. But you can’t hide from it, especially since credit card balances and rates are near record highs.”
45 percent of those with credit card debt say that emergency expenses were the primary cause, including unexpected car repairs at 11 percent, medical bills at 10 percent, and other emergency expenses at 16 percent. Everyday expenses like groceries, childcare, and utilities were next at 28 percent, followed by retail purchases at 11 percent and vacation and entertainment at 9 percent.
Gen Xers are most likely to carry a credit card balance month to month (55 percent), followed by millennials (49 percent), baby boomers (44 percent), and Gen Zers (35 percent). Older generations—26 percent of baby boomer debtors and 25 percent of Gen X debtors—don’t believe they will ever pay off their credit card debt.
The survey also found that credit card debt is more common among lower earners, with 56 percent of credit cardholders earning less than $50,000 carrying a balance month to month. 50 percent of those earning between $50,000 and $79,999 carry a balance month to month, compared to 39 percent of those earning between $80,000 and $99,999, and 34 percent of those earning $100,000 or more.
27 percent of credit card debtors say they are less confident than they were a year ago in their ability to get out of credit card debt. 18 percent say they are concerned they will not be able to make their minimum credit card payments in the next 6 months.
