Many Americans Don’t Know They Have Credit Card Debt
A surprising number of Americans seem to be rather clueless about their credit card account.
According to a new study from U.S. News, 21% of Americans are not sure if they have credit card debt. Moreover, 30% of respondents said they do not know how much money they pay in credit card interest each month.
The majority of people in the survey–60%–said they have no credit card debt. Of those that have some credit card debt, 24% have debt exceeding $10,001 and another 16% were not sure how much overall debt they have.
Respondents with credit card debt said that having outstanding balances limits their spending (15%) and causes them to struggle making ends meet (13%). However, nearly half of respondents said they do not find it difficult to manage payments for more than one account.
Most cardholders only carry a balance on one (37%) or two (27%) credit cards, but 12% report having a balance on at least five cards.
It is extremely important for consumers to know the facts about their credit card account. If you are unaware of your credit card interest, look into it. Then talk to your card provider about lowering your APR. A staggering 81% of cardholders were granted a lower interest rate just by asking for one.