More Americans are taking on credit card debt as skyrocketing inflation for basic necessities continues to burden families.
In a recent survey from CreditCards.com commissioned by YouGov, 60 percent of Americans have been carrying monthly credit card debt for at least 12 months –– a ten percent increase from 2021.
Furthermore, 40 percent of those who carry balances say they have been doing so for at least two years, 28 percent for at least three years, and 19 percent for at least five years.
The survey also shows that 59 percent of American credit cardholders earning less than $50,000 carry a monthly credit card balance.
The percentage decreases to 49 percent for those earning between $50,000 and $80,000 and 46 percent for those earning between $80,000 to $100,000.
American households increasingly relied on their credit cards this spring as prices rose at the fastest rate in four decades. https://t.co/UDBQjzW6M0
— Breitbart News (@BreitbartNews) August 2, 2022
Credit card debt among all Americans is approximately $887 billion, according to the Federal Reserve Bank of New York report.
“Credit card debt is easy to get into and hard to get out of,” according to Ted Rossman, a senior analyst at Creditcards.com. “High inflation and rising interest rates are making it even harder to break free.”
Consumer prices for basic necessities are also rising, increasing the likelihood that more Americans will rack up credit card debt to keep up with costs.
Consumer grocery prices rose by 0.7 percent from July to August, while the price of food at home rose 13.5 percent from the previous year, according to the U.S. Bureau of Labor Statistics.
Despite gasoline dropping by 10.6 percent from July to August, it is still up by a staggering 25.6 percent from the previous year, Breitbart News noted.
Fifty-six percent of Americans say President Joe Biden’s 40-year-high inflation has caused them hardship, up from 49 percent in January and 45 percent in November, a Gallup poll found this week. https://t.co/5axxAh8o9s
— Breitbart News (@BreitbartNews) September 10, 2022
The overall consumer price index has risen by 8.3 percent since August 2021 under President Joe Biden.
The survey was conducted between August 24 to 26 among 2,419 U.S. adults, of whom 1,834 have a credit card, and 879 carry a credit card balance month to month.
You can follow Ethan Letkeman on Twitter at @EthanLetkeman.