Credit card debt increases for almost half of all US adults
Credit card debt continues to grow.
James Martin / CNET
Credit card US debt has increased since March when Coronavirus pandemic According to a new poll released on Monday by, there have been bans across the country CreditCards.com. This is an addition to a 2019 study that shows that consumer debt was at an all-time high.
About 120 million US adults, or 47%, had credit card debt in April, an increase of 43% in March. Millennials were hardest hit. 34% said they had taken out more credit.
A majority of respondents in the survey, 60%, said they would pay back the borrowed money by paying more than the minimum monthly payment. Only 7% said they would contact their credit card company and ask for relief. Banks and financial institutions implemented programs Help for those affected by the pandemic.
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Experian, one of the three most important Credit bureaus, published a Consumer debt study In March, US consumer debt reached $ 14.1 trillion. Mortgages were $ 9.6 trillion and credit cards were $ 829 billion.
The pandemic has caused major financial difficulties in the United States since the first cases occurred in January. At least 30 million submitted for Unemployment benefits In April. The U.S. Treasury Department has sent out to help those struggling financially 120 million stimulus checks as part of a $ 2 trillion coronavirus utility bill passed in March.
