Summary
Credit card debt in the United States has reached record levels as millions of Americans struggle to manage rising living costs. Around 111 million adults cannot pay off their credit card debt monthly, facing high-interest rates. President Donald Trump proposed capping interest rates, but the measure has not been enacted.
Key Facts
- About 111 million U.S. adults can't pay off their credit card balances each month.
- The average interest rate on credit cards is over 22 percent.
- Americans owe approximately $1.27 trillion on credit cards.
- Roughly 68 million cardholders use at least 30 percent of their credit, being "debt-stressed."
- Over 27 million people only make the minimum payment on their credit card debt.
- Average monthly payments have increased by nearly 40 percent since 2018.
- Credit card interest rates have more than doubled over the past decade.
- More than one in eight cardholders is behind on payments, collectively owing over $163 billion.
