(NewsNation) — Twenty percent of Americans who responded to a new survey from Bankrate have maxed out their credit card, with another 17% coming close to doing so.
Bankrate asked credit card holders how close they had come to maxing out their credit cards since Federal Reserve interest rates increased in March 2022.
Of the two groups, 54% blame inflation and high prices, 38% cite emergency expenses, and 32% name credit card debt or a balance as the reasoning.
“A few years of high inflation and high interest rates, and many households are struggling,” said Bankrate senior credit card analyst Tedd Rossman.
Those who are most equipped to get through it are having an easier time getting credit, but it’s a different story for those with lower incomes and lower credit scores.
Over three in 10 Americans who have maxed out their credit card fell behind on their bills. Sixty-six percent haven’t missed credit card payments of any kind.
Of the monthly payments missed utilities were the most common (15%), followed by credit card (14%) and rent/mortgage payment (8%).
