Here are a few survey highlights from a 42 question survey done by Ketchum Global Research Network to 1,002 Americans.
- 22% have $5,000 to $20,000 in credit card debt
- 3% have more than $40,000 in credit card debt.
- 14% of individuals are "sometimes" unable to pay their credit card and/or loan(s) each month
- 8% only can make the minimum payment
I don't think it's as bad as it sounds. Credit cards are used as financial tool like a car loan. Probably more than 22% of the population has more than $5,000 to $20,000 on a car loan too. I don't think this is cause for alarm in itself.
The 14% number was worrying but that wasn't only for credit cards but all debts. That is the scary part.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
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