More U.S. consumers are saddled with credit-card debts for longer periods of time, according to a survey, struggling to pay down amid high inflation and rising interest rates.
Sixty percent of credit-card debtors say they have been in credit-card debt for at least a year, up from 50% a year ago, CreditCards.com said in a report Monday. The share of those who have been in debt for over two years also increased, to 40% from 32%, according to the online credit-card marketplace.
With inflation exceeding wage gains, more households have relied on revolving debt. Consumers in their 20s and 30s, and those in the lowest income brackets are more likely to carry a balance to cover daily expenses such as groceries, child care or utilities than older generations, the report shows.
