U.S. Credit Card Debt Keeps Climbing (Blame Higher Prices)

Financial debt is to consumers what a catch is to NFL quarterbacks — a big step backwards, just on the wrong side of the financial grid.

Yet that is precisely where a growing number of US credit card customers can be found in the second half of 2022, with plastic debt a burgeoning concern.

CreditCards.com has the goods, with a new study showing that 60% of US credit card borrowers say they have had card debt “for at least a year.” That’s a 50% increase in 2021, the report said.

Overall, almost half of credit card holders (48%) carry credit card debt on a month-to-month basis. 40% of credit card borrowers 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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