Credit cards offer plenty of perks, from rewards on every purchase to 0% APRs. But credit cards can also get us into trouble if we aren’t careful. Reducing debt and adopting sustainable spending habits are particularly important, so WalletHub decided to see how consumers are approaching those tasks.
We performed a nationally representative survey online. You can find the complete results in the infographic below, along with some key takeaways from WalletHub’s latest Credit Card Debt Study.
Key Stats
- 25% of Americans say that COVID-19 has made it harder to get into credit card debt.
- Almost half of Americans (47%) say their credit card spending habits went back to the pre-pandemic levels in 2022.
- 33 million Americans will have more credit card debt by the end of 2022.
- Women are 35% more likely than men to feel stressed about their credit card debt.
- 9 in 10 Americans say their personal finances are managed better than the federal government.
- 60% of Americans are worried about the cost of their credit card debt increasing due to interest rate hikes by the Federal Reserve.
- More than a third (37%) of people with credit card debt say they would do anything to be debt-free.
Survey Methodology
This report reflects the results of a nationally representative online survey of nearly 350 people.
After all responses were collected, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
| Will you to try to lower the interest rate on your credit card debt in 2022? | |
|---|---|
| Yes | 70% |
| No | 30% |
| How long will it take you to be debt-free when it comes to credit-card debt? | |
| Less than 1 year | 41% |
| 1-2 years | 32% |
| More than 2 years | 18% |
| I don’t know | 9% |
| Which worries you more: your own credit card debt or the country’s debt? | |
| My credit card debt | 62% |
| Country’s debt | 38% |
| Will you have more or less credit card debt by the end of 2022? | |
| Less | 80% |
| More | 20% |
| What type(s) of purchases are worth going into credit card debt for? (select all that apply) | |
| Health care | 56% |
| Housing | 43% |
| Travel | 36% |
| Clothing | 27% |
| Dining | 23% |
| Electronics | 21% |
| Entertainment | 18% |
| Would you go into credit card debt for frivolous spending? | |
| Yes | 63% |
| No | 37% |
| Which is managed better? | |
| Your personal finances | 88% |
| The federal government | 12% |
| Which are people worst at saving for? | |
| Retirement | 47% |
| Emergency fund | 36% |
| Kids’ college | 7% |
| New home | 7% |
| Vacation | 3% |
| Has your credit card spending gone back to how it was prior to the pandemic? | |
| No | 53% |
| Yes | 47% |
| How does credit card debt make you feel? | |
| Stressed | 49% |
| Normal | 27% |
| Depressed | 13% |
| Angry | 6% |
| Embarrassed | 4% |
| Which would you do to get out of credit card debt? | |
| Anything | 37% |
| Go streaking in the winter | 30% |
| House arrest for a year | 16% |
| Leave the country | 10% |
| Change your name | 7% |
| Has COVID-19 made it harder to get into credit card debt? | |
| No | 75% |
| Yes | 25% |
| Are you worried about the cost of your credit card debt increasing due to interest rate hikes by the Federal Reserve? | |
| Yes | 60% |
| No | 40% |
Note: Percentages may not total 100% due to rounding.