New Report: How Credit Card Debt Impacts the Average American
At DebtKO, we help our customers get out of credit card debt.
But when credit cards are a vital part of building credit and proving creditworthiness when buying a home, 2019 could be a tough year for Americans with credit card debt, as reported in a new report by Clever Real Estate.
Credit card debt ranks as the most stressful type of debt for Americans
Almost half of credit card users (47%) carry a balance from month to month, and 72% of credit card debt holders carry more than $1,000 in monthly balance
Only 30% of Americans with credit card debt believe they’ll be able to pay it off within a year, leading low-income households to become trapped in debt cycles
Millennials might be the most financially responsible generation in terms of credit card usage, but they have a lot to learn. Only 50% of millennials know that credit card interest rates are higher than mortgage interest rates
46% of Americans don’t trust credit card companies, and consumer complaints are on the rise
Read the full report here