Survey shows credit card debt struggle

PITTSBURGH — More than a quarter of Americans — some 28 percent — say they carry balances on their credit cards from month to month, according to a new survey by Creditcards.com.

Among those with card debt, 43 percent say they’ve had a revolving balance for at least two years.

The average interest rate for new credit card offers is hovering around 16 percent.

“Carrying credit card debt is a slippery slope,” said Matt Schulz, senior industry analyst at Creditcards.com. “What may seem inconsequential at first can quickly grow into overwhelming debt.”

While many people run up big bills by splurging, others go into debt buying groceries and other necessities or are hit with unexpected expenses such as car repair and medical bills they can only pay on credit.

In the Creditcards.com survey, which polled 2,005 adults, the most common reason cited for carrying credit card debt was keeping up with day-to-day expenses. Almost a third of those surveyed — 32 percent — said daily expenses were a problem.

The survey found that 38 percent of people making more than $50,000 a year were likely to carry a credit card balance, compared with 24 percent of lower-income earners. Those with a higher education and full-time workers also are more likely to be so-called revolvers.