Credit card debt was the most common form of debt among U.S. adults, according to a survey conducted for Newsweek.

More than three-quarters of American households currently have at least one form of debt, with about 45% of those families carrying balances on credit card accounts, according to the Federal Reserve.

Although Americans are racking up more credit card debt, there are signs households are managing their debt better than they had been before.

Tana Williams and her husband found themselves in nearly $27,000 in debt after a series of emergency expenses came up, coupled with years of overspending. To get out of debt, they came up with a new budget, started taking on side hustles to earn extra income and found a debt management method that worked for them.

Americans Struggle With Record Credit Card Debt U.S. credit card debt reached a record $1.17 trillion in the third quarter of 2024, growing from $770 billion in the first quarter of 2021 and the share of active credit card holders making just minimum payments rose to 10.75%, the highest percentage ever in data going back to 2012. [ The Guardian]

Credit card debt is weighing on many Americans. The share of credit card holders making just the minimum monthly payment is at a 12-year high, a report shows.

A high-limit business credit card can offer significant rewards on all of your business's spending, making it easier to earn valuable benefits.

With the widespread release of credit cards in the 1950s and 1960s, they have since become ubiquitous in everyday life. According to the Federal Reserve Bank of Atlanta, 82% of American adults have a credit card,