- Americans are facing over $1 trillion in credit card debt, with 78 percent of residents carrying a balance.
- Despite the high debt, 20 percent of consumers delay seeking professional help until it's a last resort, a reluctance that increases for those with balances exceeding $10,000.
- The surge in debt is driven by an affordability crisis, marked by soaring inflation, high interest rates, and increased costs for everyday goods, including a 50 percent rise in gas prices since February 28.
- Nearly three-quarters of this credit card debt, approximately $883 billion, is being used by consumers to cover daily expenses and household budget shortfalls.
- While credit card debt reached a peak of $1.3 trillion, it declined by $25 billion in the first quarter of 2026, possibly due to tax refunds, though average interest rates remain high at 21 percent.
IN FULL
