New survey reveals Americans with most credit card debt (ASL – 12.26.19)
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The thrill of holiday shopping will soon become the dread of holiday debt.
If you bought gifts with credit cards, you are not alone.
42% of all adults in the US have credit card debt.
But surprisingly the result of a new survey by consumer financial services company “BankRate” found Americans worth six figures are the most likely to owe.
The company found that 58% of people with a net worth of more than $100,000 owe at least $2,500.
39% owe at least $5,000 in credit card debt.
The survey found the most common reason for owing money on credit cards was retail purchases like clothes and electronics and paying for day-to-day expenses like groceries and childcare.
The survey also found Generation X, people between 39 and 54 years old, are most likely to have credit card debt followed by Baby Boomers, people between 55 and 75 years old.
BankRate also suggests some ways to manage credit card debt, including tracking your spending.
It may also be helpful to create separate accounts for spending needs.
The Closed Caption version of this video can be found here:
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