8/1/2023 0 Comments Credit secrets book freeThe younger age cohorts were the most worried about not being able to repay their credit card debt, with 44 percent of those aged 18-24, 51 percent of those aged 25-34, and 46 percent of those aged 35-44 saying they were "very concerned." Only 15 percent of those aged 45-54 and 13 percent of those aged 55-64 were as concerned, while the number went up to 26 percent for those aged 65 and above. Some 26 percent of those aged 18-24 had debt between $,1,000 and $5,000. Some 22 percent of respondents aged 22-34 and 21 percent of those aged 35-44 have debt over $10,000. That's a 17 percent jump compared to a year ago.Īmong the respondents to the Newsweek/Redfield & Wilton Strategies survey owning at least a credit card, 42 percent have less than $1,000 in debt on their credit card, while 30 percent have between $1,000 and $5,000. According to the Federal Reserve Bank of New York's latest data released last month, Americans are holding a record amount of credit card debt, around $986 billion. ![]() The increased importance of credit cards during uncertain economic times is clear by the amount of debt Americans have accumulated to this day. "Credit card rewards are also an avenue tapped by some consumers to cover essential costs," she said. Some 25 percent of respondents aged 18-24 used their credit cards "once a day."Īccording to Lambarena, some consumers are relying on their credit cards for essential purchases like gas or food. The age cohort that used their credit cards the most-"multiple times a day"-was the 35-44 one, with 19 percent. Some 23 percent of Americans aged 18-24 used their credit cards "a few times a week," while 33 percent of those aged 25-34, 42 percent of those aged 35-44, 31 percent of those aged 45-54 and 55-64, and 33 percent of those aged 65 and above did so. We're now at a point where credit card debt is at an all time high, and the elevated cost of interest rates has only added to their debt burden."Īccording to the survey, conducted on May 31 among a sample population of 1,500 eligible voters in the U.S., an overwhelming majority of Americans-81 percent-have at least one credit card, while 19 percent have none to their own name.Īmong the ones owning a credit card, 33 percent used it a few times a week, 12 percent multiple times a day, once a day, and a few times a month, while 5 percent and 8 percent used it once a month and less than once a month, respectively. "Rising prices have led some consumers to rely on their credit cards to make ends meet. "American consumers have been actively using their credit cards to navigate costs associated with inflation," Melissa Lambarena, credit cards expert at NerdWallet, told Newsweek. ![]() A Newsweek/Redfield & Wilton Strategies survey found 74 of Americans are concerned about their ability to pay off their credit card debt this year. A Newsweek photo illustration representing the struggles of credit card debt.
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