Credit Card Debt Crisis: Americans Struggle to Stay Afloat

The United States is grappling with an unprecedented surge in credit card debt, reaching a staggering $1.13 trillion, according to a comprehensive survey conducted by The survey, involving over 1,000 adults, paints a grim picture of the financial struggles faced by Americans, with 35% of respondents having exhausted their credit card limits in recent years.

The primary driving force behind this alarming trend is the relentless rise in inflation and interest rates, with 45% of survey participants attributing their credit card usage to inflation-driven price hikes. As the cost of living soars, individuals are finding it increasingly challenging to meet basic expenses, forcing them to rely on credit cards as a lifeline. Additionally, nearly 9% of respondents resorted to acquiring a credit card to cope with unforeseen financial emergencies.

‘The current economic scenario underscores the alarming escalation in credit card debt, underscoring the financial pressures faced by numerous Americans. With unprecedented levels of debt and a substantial portion of individuals hitting credit card limits, it’s evident that households are navigating through unique and challenging circumstances,’ said Howard Dvorkin of

The survey also highlights the disproportionate impact of credit card debt on millennials. Thirty-one percent of respondents with at least $10,000 to $20,000 of credit card debt are millennials, while those carrying the highest debt load of $20,000 to more than $30,000, 13% are also millennials. ‘Inflation and escalating living costs are forcing individuals to rely on credit cards as a lifeline. While credit cards can offer temporary relief, accumulating debt at a rapid pace is unsustainable and can lead to long-term financial repercussions. People need to exercise caution and seek alternate financial strategies to navigate these turbulent times,’ Dvorkin continues.

The survey also sheds light on the influence of family and retailers in shaping Americans’ credit card habits. Thirty-two percent of respondents said their parents introduced them to their first credit card, while 26% said retail stores offered them their first credit card, and 12% said it was their school, university, or college.

While the current situation is concerning,’s historical data suggests a slow improvement. Since 2018, the percentage of Americans maxing out their credit cards has decreased from 50.08% five years ago to 43% three years ago, and now stands at 35%.

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