Credit cards are a growing problem for everyone.
The average American now carries a credit card balance of nearly $6,200, according to Experian, also up from a year earlier.And U.S. adults with a net worth of $100,000 or more are more likely to carry credit card debt than those with fewer assets, Bankrate said.
In fact, those with a net worth between $100,000 and $199,999 are the most likely to carry credit card debt, followed by people with a net worth between $200,000 and $1 million. Adults worth more than $1 million were the least likely to carry such high-interest debt, Bankrate found. Ted Rossman, industry analyst for CreditCards.com, faulted "lifestyle creep." Today's "keeping up with the Joneses" mentality is"It doesn't make sense to finance a fancy lifestyle with credit card debt," Rossman said. "That's costing you a lot of money over time and risking your financial stability."
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