70% of Americans with credit card debt admit they can't pay it off this year via CNBCMakeIt
Almost half of Americans carry a balance on their credit cards, a new survey finds, and paying it off is proving a challenge: Only about 30 percent of people with credit card debt say they'll be able to wipe it out this year.
"It's a big issue," Ted Rossman, credit industry expert for CreditCards.com, tells CNBC Make It. Especially now: The average credit card APR sits at a record-high 17.65 percent, so the interest accrued on monthly balances can quickly add up. Simply coping with daily expenses is driving some people into debt, especially lower-income families, defined here as those earning less than $50,000 a year."Buying groceries" ranked as the top expense that added to people's balances, according to the survey.
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