Bankrate’s 2026 Credit Card Debt Report

Core Insights - The average credit card balance in the U.S. is $6,523, with a minimum payment at 19% APR potentially leading to 170 months of debt and $6,491 in interest paid [1] - A significant increase in the duration of credit card debt is observed, with 61% of cardholders in debt for at least a year, up from 53% in late 2024 [2][4] - Emergency and day-to-day expenses are the primary reasons for credit card debt, with 41% citing emergencies and 33% citing daily expenses [3][18] Group 1: Credit Card Debt Statistics - 47% of American credit cardholders carry a balance, with Gen Xers and millennials leading at 53% each [10] - Among lower-income households, 56% of those earning under $50,000 carry credit card debt, compared to 36% of those earning over $100,000 [11] - Women are more likely to carry credit card debt, with 50% of female cardholders holding a balance compared to 43% of male cardholders [12] Group 2: Impact of Credit Card Debt - 64% of credit cardholders with debt have delayed financial decisions due to their debt, affecting savings, investments, and major purchases [20] - 84% of credit card debtors report that their debt impacts their financial choices, with 29% stating it significantly affects their decisions [25] - Younger generations, particularly millennials (75%) and Gen Zers (72%), are more likely to delay financial decisions because of credit card debt [23][24] Group 3: Strategies for Managing Credit Card Debt - Recommendations for managing credit card debt include budgeting for debt repayment, applying for balance transfer cards, and seeking help from credit counselors [26][29] - A balance transfer card can provide interest-free repayment options for up to 21 months, allowing for more manageable payments [28] - Working with a credit counselor can help individuals develop a plan to tackle overwhelming debt [29]