Only half of Americans believe they can pay off their December credit card bill

Only half of America’s credit card customers believe they can pay off their December balance in full.

  • If credit card confidence is slipping, many other industry metrics are moving in the opposite direction.
  • The national credit card balance stands at $1.08 trillion, a record high.
  • The average interest rate has reached 21%, the highest point recorded by the Federal Reserve in nearly three decades of tracking.

Credit card debt is rising faster than any other major category of household debt: “I think all this adds up to more people carrying more debt for longer periods of time, and unfortunately, I don’t see any of that reversing any time soon,” said Ted Rossman, a senior industry analyst at Bankrate.

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