About half of Americans carry a credit card balance, survey finds
Bankrate: 48% of credit card holders carry debt from month-to-month
(InvestigateTV) — According to a new Bankrate survey, 53% of people with credit card debt have had it for at least a year, making interest fees quickly add up.
Ted Rossman with Bankrate said we have seen a little bit of improvement from years past but there are still a lot of people trying to dig out of debt.
“Credit card balances are record highs; credit card rates are close to record highs,” Rossman shared. “Credit card delinquencies are at their second highest point since 2011. They dropped ever so slightly in the previous quarter. A lot of people still have a lot of credit card debt.”
Rossman said people often fall into credit card debt for practical reasons, challenging the conventional belief that it’s due to vacations, shopping sprees, or irresponsible spending.
Sometimes, debt piles up due to an unexpected medical bill or car repair, or simply because everyday expenses outpace paychecks, he said.
“Think about the average credit card balance which is about $6,400,” he said. “If you make minimum payments at that average interest rate around 20%, you’re in debt for 18 years and you owe about $9,300 in interest.”
Rossman suggested that debtors could use a zero-percent balance transfer card, allowing them to pay off the same $6,400 debt with $300 monthly payments, interest-free, in 21 months.
This could be a significant help for some. Responsible customers should check their credit card rates, call their provider, and request a lower rate.
If eligible, Rossman recommended transferring a balance to a zero percent interest rate card. People who need more help or have a lower credit score could try non-nonprofit credit counseling, like Money Management International or GreenPath.
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