Are You Relying Too Heavily on Your Credit Cards?

A recent survey from Clever highlights how heavily Americans depend on credit cards. The study finds that 53% of respondents carry credit card debt, with an average balance of $7,719 among those individuals.

That debt is not spread evenly across cardholders. About 32% of those with balances owe $10,000 or more, while 9% report debt exceeding $20,000. Another concerning finding is how many people rely on credit cards just to get by. Around 29% of respondents say they would struggle to cover basic living expenses without using their cards.

This creates a risky situation. Credit cards often come with some of the highest interest rates compared with other types of debt. Using them to pay for everyday necessities, such as groceries, transportation or medical care, can quickly increase balances, especially with interest rates that can reach 24%-28%, if not higher.

The survey also shows that the problem is not improving for many people. About 27% of respondents say their debt continues to grow each month. In addition, 39% report that they would not be able to cover a $2,000 emergency without turning to credit cards.

Some respondents are also relying on one card to manage another. Around 36% say they have used one credit card to make payments on another, while 44% share that their debt has limited the way they want to live their lives.

What to do if you are struggling with credit card debt

If you are dealing with credit card debt, there is no instant solution, but there are ways to make progress over time. One of the most effective steps is to put any extra money you can toward reducing your balance each month. Consistency can make a meaningful difference.

It can also help to pause using your credit cards unless it is absolutely necessary. Continuing to add new charges while trying to pay down existing debt can slow your progress.

Another option to consider is transferring your balance to a card that offers a temporary 0% interest rate for new accounts. These offers often last between 12 and 18 months, giving you time to pay down your balance without accumulating additional interest.

It is important to have a plan to pay off the balance before the promotional period ends. Any remaining amount will then be subject to the card’s regular interest rate, which is typically much higher.

Once you have paid off your debt, it is important to use your credit cards carefully moving forward. Try to only charge what you can pay off in full each month. Avoid carrying a balance from one billing cycle to the next. Using your cards this way allows you to take advantage of rewards without adding interest costs.

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