Most Americans carry some form of credit card debt. A recent Clever Real Estate survey found that 3 in 5 Americans (61%) are in credit card debt, with an average debt of $5,875. Additionally, 23% of respondents reported that they incur more credit card debt each month, and 14% indicated that they have missed a payment in 2023.
Here are some more staggering statistics about the state of credit card debt in America:
- **28% of Americans Believe It Will Take 5 Years to Pay Off Their Credit Card Debt**
Although 49% of Americans believe they can pay off all their credit card debt within the next year, a significant portion thinks it will take five years or longer. According to the Clever Real Estate survey, 28% believe they will be debt-free within five years, 11% expect to pay it off within ten years, and 6% think they will never be able to pay it off.
- **Nearly Half of Americans Need Credit Cards to Cover Essential Living Expenses**
The survey revealed that 48% of Americans rely on credit cards to manage essential living expenses. This trend is particularly prevalent among younger generations, with 59% of millennials using credit cards for their living expenses. In contrast, only 29% of baby boomers depend on credit cards for essential costs.
Jason Saltzman is the founder of Relief, a transformative platform that revolutionizes debt management for everyday people. With two successful business exits, over a decade of mentoring founders through Techstars, and experience teaching entrepreneurship, Jason possesses a wealth of expertise and a passion for empowering others in the realms of business and innovation. As Co-Chair of MIT’s REAP program, he is actively shaping the future of entrepreneurial ecosystems.
For more information: https://www.relief.app/
Instagram: @jasonsaltzman
X: @SaltzmanJason
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