Money Monday: More People Find Themselves Carrying Credit Card Debt Month To Month,

We are talking credit card interest rates that are super high! A new survey suggests half of credit cardholders surveyed in June as part of Bankrate’s latest Credit Card Debt Survey said they carry balances over month to month. That is up from 44% in January – and the highest since since March 2020, when 60% of people carried debt from month to month, according to Bankrate’s surveys. One-third of U.S. adults (36%) have credit card debt that’s higher than their emergency savings, according to Bankrate’s findings. That’s the same amount as a year ago and the highest since the personal finance site began asking the question in 2011. This comes at a time when the average credit card interest rate in the U.S. is 24.92% – the highest since LendingTree began tracking rates monthly in 2019, the online lending marketplace reported Friday. The situation has left nearly six out of 10 (58%) without a plan to pay off their credit cards, found the Bankrate survey of 2,350 U.S. adults, conducted by YouGov in June.

Source: USA Today