A new study details how Americans manage credit cards and how stressful credit debt can be.
Commissioned by Clever Real Estate and conducted by online polling software Pollfish, the report looked at 1,000 survey responses of Americans who owned at least one credit card.
“The most shocking find to me was how many Americans carry credit card balances month to month,” Tommy O’Shaughnessy, an analyst at Clever Real Estate Analyst and the author of the report, told Yahoo Finance.
Nearly half of the respondents (47%) carried some amount of credit card debt month to month, according to the survey, with 72% of borrowers carrying more than $1,000.
“With the average 17.64% APR, that debt compounds quickly and can become unmanageable for lower income families,” O’Shaughnessy noted.