The average credit card user was carrying a balance of $5,474 last fall — up 13% from 2021. As interest rates climb, that debt costs more. Here's what you should know.
Here's what to know about rising credit card debt – and what you can do about it.outpacing incomes, more people are relying on credit cards to cover everyday expenses.
"Every time my minivan all of a sudden needed $300 worth of work, or I had an elderly cat, and every time he needed emergency surgery, it went on the credit card," Murphy says.The share of credit card users who carry a balance has increased to 46% from 39% a year ago,"Almost half of card holders are carrying debt from month to month," Rossman says."And that debt is as expensive as ever.
But when Bankrate did a survey last month, they found more than 4 out of ten credit card holders don't even know what their interest rate is.
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