Credit Card Survey: Inflation is Still Contributing to Debt

For the second consecutive year, our survey of 1,000 Americans shows that one in three need credit cards to make ends meet – and many are maxed out.

U.S. credit card balances have ballooned since the worldwide inflation surge began in March 2021. According to the Federal Reserve, Americans owe a record-high $1.21 trillion on credit cards. Debt.com’s latest research shows how that affects their credit card usage:

• 32%: Have maxed out their credit cards
• 37%: Need their credit cards to make ends meet
• 44%: Caused them to carry a larger monthly balance 

Those who have already maxed out their cards are most vulnerable. Eight in ten “would need to rely on credit card(s) if faced with a financial emergency.” Just over 23% of them already owe more than $20,000.

Key findings

• More than 1 in 3 (37%) of all survey respondents say “price increases from inflation caused them to use credit cards to make ends meet.” That includes 43% of Millennials and 41% of Gen Xers.
• 32% report having maxed out their credit cards in recent years. This group includes 32% Gen Z, 42% Millennials, 39% Gen Xers, and 14% Baby Boomers.
• Over half (51%) of all respondents need credit cards to pay for a financial emergency. 56% are Millennials, and over half (54%) are women.
• 44% say inflation has “caused them to carry a larger monthly credit card balance.” Of those respondents, 39% have at least $10,000 to $20,000 of credit card debt. That includes 26% of Millennials. 
• 57% of all respondents have never considered Do-It-Yourself or professional credit card debt solutions like debt management and settlement programs – most of whom (74%) are Baby Boomers.

Carrying a balance is more common than not – with nearly 62% of people owing money on their credit cards. Over 1 in 5 owe $10,000 or more, highlighting the growing credit card debt burden.

High credit card debt isn’t limited by age. Gen Z, Millennials, and Gen X are neck and neck when it comes to carrying balances over $10,000. The exception is Baby Boomers, who are in or approaching retirement age.

Maxing out credit cards is a challenge many face – Millennials tend to hit their credit limits more often. From everyday expenses to rising costs, credit limits are being pushed as people try to keep up.

More than half of all respondents say they need credit cards to pay for a financial emergency.

Interest rates matter – but not everyone knows what they’re paying. Despite climbing interest rates, 27% of respondents didn’t know their credit card APR.

When it comes to managing debt, most people go it alone or don’t explore options at all. A small percentage seek professional help like credit counseling or debt settlement. Financial solutions exist, but awareness is key.

Credit cards serve many purposes. Many people use them for rewards or convenience. But for others, it’s about survival covering purchases and staying current with bills.

More than 4 in 10 people say their balances increased due to higher costs of good

Rising prices are pushing people to rely on credit cards – and inflation is turning high APR debt into lifelines.

Most people start their credit journey at a young age, getting a credit card before they turn 25 years old. Building good habits early can make all the difference, but it also means young adults need the tools and knowledge to manage credit wisely.

When unexpected expenses strike, many turn to credit cards. Auto repairs, medical bills, and appliance breakdowns top the list of emergencies that lead people to open a credit card – often out of necessity, not choice.

From parents to promotions, the path to a first credit card varies. Over one-third of people get their first card with help from family, while others take the plunge due to offers, emergencies, or tempting promotions.

Click here for full survey results

At what age did you get your first credit card?
Under 18	0%
18-24	55.98%
25-34	22.62%
35-44	9.62%
45-54	5.72%
55-64	1.91%
65+	1.73%
N/A	2.43%

Who introduced you to your first credit card?
Parent	35.86%
Unsolicited offer	20.09%
Retail store offer	21.98%
School (College credit card)	9.37%
Financial emergency	2.79%
The credit card company ran a promotion I wanted more than the card	9.91%

Which financial emergency did you charge on a credit card?
Medical emergency	34.32%
Mechanic	36.94%
Appliance repair	25.95%
Funeral	10.18%
Job loss	13.06%
I did not open a credit card due to an emergency	35.41%
Other	2.07%

What is your total credit card debt?
More than $30,000	6.49%
$20,000 to $29,999	5.32%
$10,000 to $19,999	11.44%
$5,000 to $9,999	10.63%
$2,500 to $4,999	9.82%
$500 to $2,499	19.01%
I have a credit card but don’t carry credit card debt	37.30%

Do you know what your average credit card APR is?
0-14%	18.83%
15%-20%	21.53%
21%-24%	22.34%
Over 24%	10.72%
I don’t know	26.58%

Why do you use credit cards?
They’re the most convenient form of payment	50.99%
I earn cashback and rewards	63.24%
It’s easy to dispute fraudulent charges that I can’t with a debit card	36.94%
Credit cards allow me time to make purchases I can’t afford now	31.71%
I couldn’t survive and pay my bills right now without credit cards	10.54%
Other	5.59%

Have you maxed out your credit cards in recent years due to inflation and increased interest rates?
Yes	31.98%
No	68.02%

Have price increases from inflation made you use your credit cards to make ends meet?
Yes	37.48%
No	62.52%

Has inflation caused you to carry a larger monthly credit card balance?
Yes	43.96%
No	56.04%

Would you need to rely on your credit card(s) if faced with a financial emergency?
Yes	50.63%
No	49.37%

Do you know your FICO score?
Yes	78.65%
No	21.35%

What FICO credit score range do you fit in?
Excellent: 800 to 850	31.08%
Very good: 740 to 799	27.48%
Good: 670 to 739	16.85%
Fair: 580 to 669	9.46%
Poor: 300 to 579	3.78%
I don’t know my FICO score:	11.35%

Have you considered using any of the following solutions to help with your credit card debt?
Yes, DIY plans like “debt snowball” and “debt avalanche”	16.85%
Yes, a credit card balance	22.07%
Yes, a consolidation loan	16.04%
Yes, credit counseling	7.03%
Yes, debt settlement	5.68%
No	56.94%

For 2024 survey results, click here

At what age did you get your first credit card?
18-24	55.71%
25-34	24.37%
35-44	12.48%
45-54	4.45%
55-64	1.26%
65+	1.74%

Who introduced you to your first credit card?
Parent(s)	32.21%
Unsolicited offer	21.28%
Retail store offer	25.82%
School (College credit card)	12.19%
Financial emergency	8.51%

Select which financial emergency you’ve needed to charge on a credit card in recent years.
Medical emergency	65.12%
Mechanic (Auto repair)	44.19%
Appliance repair or replacement	52.33%
Funeral expenses	24.42%
Job loss / loss of income	27.91%

What is your total credit card debt?
More than $30,000	5.16%
$20,000 to $29,999	5.56%
$10,000 to $19,999	10.91%
$5,000 to $9,999	11.81%
$2,500 to $4,999	14.29%
$500 to $2,499	52.28%

Do you know what your average credit card APR is?
0-14%	29.07
15-20%	35.71%
20-24%	25.79%
Over 24%	9.42%

Why do you use credit cards?	Strongly Disagree	Disagree	Neither Agree Nor Disagree	Agree	Strongly Agree
They’re convenient.	4.17%	4.27%	18.25%	41.67%	31.65%
I earn cashback and rewards.	5.75%	6.35%	13.00%	36.90%	38.00%
It’s easy to dispute fraud.	5.85%	6.75%	23.12%	38.00%	26.29%
They allow me time to make purchases I can’t afford.	19.64%	11.31%	18.95%	32.54%	17.56%
I can’t pay my bills without credit them.	35.42%	21.13%	15.97%	16.67%	10.81%

Have you maxed out your credit cards in recent years while inflation and interest rates have increased?
Yes	34.72%
No	65.28%

Have price increases from inflation made you use your credit cards to make ends meet?
Yes	45.34%
No	54.66%

Has inflation caused you to carry a larger monthly credit card balance?
Yes	51.39%
No	48.61%

Would you need to rely on your credit card(s) if faced with a financial emergency?
Yes	55.46%
No	44.54%

Do you know your credit score?
Yes	80.74%
No	19.26%

What credit score range do you fit in?
Excellent: 800 to 850	40.32%
Very good: 740 to 799	29.59%
Good: 670 to 739	17.63%
Fair: 580 to 669	10.36%
Poor: 300 to 579	2.10%

Have you considered using any of the following solutions to help with your credit card debt?
Yes, DIY plans like “debt snowball” and “debt avalanche” methods	11.17%
Yes, a credit card balance transfer	18.84%
Yes, a consolidation loan	13.96%
Yes, credit counseling	12.56%
Yes, debt settlement	9.97%
No	58.42%

For 2023 survey results, click here

What is your total credit card debt?
More than $30,000	5.60%
$20,000 to $29,999	6.07%
$10,000 to $19,999	9.58%
$5,000 to $9,999	11.86%
$2,500 to $4,999	11.39%
$500 to $2,499	30.27%
N/A	25.24%

Do you know what your average credit card APR is?
0-14%	16.86%
15-20%	22.10%
21-24%	24.19%
Over 24%	9.24%
I don’t know	27.62%

Have you maxed out your credit cards due to inflation and rising interest rates?
Yes	31.05%
No	68.95%

Has inflation caused you to carry a larger monthly credit card balance?
Yes	48.67%
No	51.33%

Other than inflation, have any of these reasons added to having to take on more debt?
Reduced income	27.52%
Loss of job	13.90%
Death of a family member	7.43%
Divorce or separation	6.38%
Medical issues	17.43%
N/A	53.52%

Have you considered any of the following solutions to help with your credit card debt?
Yes, DIY plans like “debt snowball” or “debt avalanche” methods	14.18%
Yes, a credit card balance transfer	18.97%
Yes, a consolidation loan	15.90%
Yes, credit counseling	6.99%
Yes, debt settlement	5.94%
No	58.14%

For 2021 survey results, click here

Do you use credit cards
Yes	10.26%
No	89.47%

When you’re shopping for a credit card, what features do you look for?
Best rewards	16.47%
More cash back	18.96%
Lower interest rate	64.57%

How many credit cards do you have?
More than 12	2.32%
Nine to 12	4.03%
Six to eight	12.30%
Two	22.68%
One	23.69%
Three to five	34.98%

How many credit cards do you actively use?
More than 12	0.20%
Nine to 12	0.50%
Six to eight	2.83%
Three to five	25.93%
Two	26.84%
One	43.69%

Have Americans learned to use credit cards sparingly since the pandemic?
I don’t know	25.08%
As soon as the pandemic ends, we’ll run up bills at restaurants and retailers	33.40%
I believe we’ve learned how much interest and fees cost. We’ll permanently cut back.	41.52%

What is your total credit card debt?
More than $20,000	10.53%
More than $10,000	10.93%
$5,001 to $10,000	12.84%
$2,501 to $5,000	16.05%
$501 to $2,500	17.85%
$0 to $100	20.96%

What do you think the average interest rates on your credit cards are?
0 to 5%	8.03%
6% to 9%	10.84%
10% to 12%	12.45%
13% to 15%	17.17%
16% to 20%	30.02%
More than 20%	21.49%

Do you ever hit the limit on your credit cards?
I have hit a limit in the past six months	6.26%
I have hit a limit in the past three months	7.68%
I hit my credit limit monthly	8.79%
I have hit a limit in the past year	19.49%
I never or rarely hit my credit limits	57.78%

Have you ever used a balance transfer to consolidate debt?
Yes	37.07%
No	62.93%

On the card you transferred the balance from, did you continue to use that card for purchases?
Yes	42.12%
No	57.88%

Did you pay off the balance transfer before the teaser rate expired?
Yes	61.10%
No	38.90%

When was the last time you signed up for a new credit card?
Yesterday	1.91%
Last month	8.79%
In the past 13 to 18 months	11.23%
In the past seven to 12 months	13.56%
In the past two to six months	15.25%
It’s been over five years	22.35%
It’s been over two years	26.91%

Which credit card company has the best customer service?
Wells Fargo	1.91%
Citibank	4.13%
Bank of America	4.56%
American Express	9.64%
Chase	11.97%
Discover	14.72%
Capital One	23.73%
N/A	23.34%

Which credit card company has the worst customer service?
Citibank	3.50%
Discover	3.61%
American Express	4.56%
Chase	5.52%
Capital One	6.79%
Wells Fargo	11.25%
Bank of America	13.16%
N/A	31.59%

Have you ever used a credit monitoring service?
Yes	39.26%
No	60.74%

Do you believe that the information in your credit report is accurate?
Yes	78.73%
No	21.27%

When was the last time you reviewed your credit report?
Never	5.93%
In the past five years	6.24%
In the past two years	10.48%
In the past year	18.10%
In the past six years	59.26%

Do you know that you can receive a free annual credit report guaranteed by federal law?
Yes	84.44%
No	15.56%

For 2019 survey results, click here

Do you use credit cards?
Yes	84.56%
No	15.44%

When you’re shopping for a credit card, what features do you look for?
Lower interest rate	68.37%
Most cash back	14.33%
Best rewards	17.30%

How many credit cards do you have?
1	15.35%
2	20.74%
3-5	41.58%
6-8	15.35%
9-12	3.81%
More than 12	3.16%

How many credit cards do you actively use?
1	31.94%
2	32.50%
3-5	31.56%
6-8	3.35%
9-12	0.19%
More than 12	0.47%

What is your total current credit card debt?
$0-$100	11.32%
$101-$500	11.23%
$501-$2,500	21.51%
$2,501-$5,000	15.38%
$5,001-$10,000	18.02%
More than $10,000	13.21%
More than $20,000	9.34%

What do you think is the average interest rates on your credit cards?
0-5%	6.33%
6%-9%	8.79%
10%-12%	13.42%
13%-15%	20.32%
16%-20%	26.47%
More than 20%	24.67%

Do you ever hit the credit limit on your credit cards?
I never or rarely hit my credit limits	49.01%
I have hit a limit in the past year	16.84%
I have hit a limit in the past 6 months	8.23%
I have hit a limit in the past 3 months	14.29%
I hit my credit limit monthly	11.64%

Have you ever used a balance transfer offer to consolidate debt?
Yes	38.45%
No	61.55%

On the card that you transferred the balance from, did you continue to use that card for purchases?
Yes	41.23%
No	58.77%

Did you pay off the balance transfer before the teaser rate expired?
Yes	61.04%
No	38.96%

When was the last time you signed up for a new credit card?
Yesterday	1.13%
Last month	7%
In the past 2-6 months	13.12%
In the past 7-12 months	13.45%
In the past 13-18 months	15.06%
It’s been over 2 years	25.68%
It’s been over 5 years	24.56%

Which credit card company has the best customer service?
Capital One	25.41%
Chase	12.91%
Discover	17.21%
Citibank	4.95%
American Express	7.55%
Wells Fargo	5.11%
N/A	31.98%

Do you use credit monitoring services?
Yes	59.66%
No	40.34%

Do you believe the information in your credit report is accurate?
Yes	53.59%
No	12.99%
Unsure	33.42%

When was the last time you reviewed your credit report?
In the past six months	54.07%
In the past year	17.91%
In the past two years	10.76%
In the past five years	11.18%
Never	6.08%

Do you know that you can receive a free annual credit report guaranteed by federal law?
Yes	83.07%
No	16.93%

For full 2018 survey results, click here

Do you use credit cards?
Yes	84.86%
No	15.14%

When you’re shopping for a credit card, what features do you look for?
Lower interest rate	58.11%
Most cash back	20.28%
Best rewards	21.61%

How many credit cards do you have?
1	13.46%
2	22.97%
3-5	43.95%
6-8	13.15%
9-12	3.99%
More than 12	2.48%

How many credit cards do you actively use?
1	33.01%
2	34.93%
3-5	28.32%
6-8	2.71%
9-12	0.74%
More than 12	0.28%

What is your total current credit card debt?
$0-$100	21.95%
$101-$500	8.89%
$501-$2,500	8.79%
$2,501-$5,000	15.62%
$5,001-$10,000	10.25%
More than $10,000	13.21%
More than $20,000	9.34%

What do you think is the average interest rates on your credit cards?
0-5%	7.37%
6%-9%	10.58%
10%-12%	16.98%
13%-15%	21.60%
16%-20%	26.52%
More than 20%	16.95%

Do you ever hit the credit limit on your credit cards?
I never or rarely hit my credit limits	64.20%
I have hit a limit in the past year	12.57%
I have hit a limit in the past 6 months	4.98%
I have hit a limit in the past 3 months	9.95%
I hit my credit limit monthly	8.30%

Have you ever used a balance transfer offer to consolidate debt?
Yes	35.20%
No	64.80%

On the card that you transferred the balance from, did you continue to use that card for purchases?
Yes	67.66%
No	32.34%

Did you pay off the balance transfer before the teaser rate expired?
Yes	67.66%
No	32.34%

When was the last time you signed up for a new credit card?
Yesterday	0.74%
Last month	6.40%
In the past 2-6 months	11.08%
In the past 7-12 months	11.72%
In the past 13-18 months	11.92%
It’s been over 2 years	23.05%
It’s been over 5 years	35.07%

Which credit card company has the best customer service?
Capital One	25.41%
Chase	12.91%
Discover	17.21%
Citibank	4.95%
American Express	7.55%
Wells Fargo	5.11%
N/A	31.98%

Do you use credit monitoring services?
Yes	46.48%
No	53.52%

Do you believe the information in your credit report is accurate?
Yes	57.46%
No	10.69%
Unsure	31.85%

When was the last time you reviewed your credit report?
In the past six months	50.26%
In the past year	20.41%
In the past two years	11.43%
In the past five years	12.14%
Never	5.76%

Do you know that you can receive a free annual credit report guaranteed by federal law?
Yes	85.99%
No	14.03%

Methodology: Debt.com surveyed 1,000 Americans about their credit card usage and debt. People responded from all 50 states and Washington, DC, and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted on March 06, 2025.