Over half of all Americans keep credit card debt for years
According to a study conducted by Creditcards.com, most adults in Florida and around the country carry credit card debt for two years or more. The study looked at the credit card debt of more than 2,000 U.S. adults and found that half the people with debt had been carrying a balance for at least five years.
Alarmingly, the study found the most common reason for credit card debt is not frivolous purchases. Instead, most Americans are depending on their credit cards to buy groceries, pay monthly bills, pay for daycare and make ends meet.
Other expenses that were cited for credit card debt were medical bills, car and home repairs, vacations and retail purchases. Of the groups studied, 63 percent of Baby Boomers reported having credit card debt, and 57 percent of those 72 and older had credit card balances. More than half of all Millennials said that they used their credit cards to pay for everyday expenses.
Creditcards.com discovered those with higher incomes and higher education tend to have more credit card debt than those who are unemployed, have lower incomes and have less education. Another study projects that by the end of 2017, total credit card debt will be over $1 trillion dollars in the United States, potentially making it the worst year for credit card debt in since the Great Depression.
There are options for a financial fresh start to help stop repossessions and creditor harassment. Many of those struggling with debt might file Chapter 13 to find relief from this overwhelming financial burden. A bankruptcy law lawyer may be able to help clients weigh the available options and decide which path would be the most advantageous to take.