American Credit Card Debt Reaches $1.3 Trillion

Americans now collectively owe $1.3 trillion in credit card debt, with the average household owing more than $11,000 in balances. John Kiernan, managing editor at WalletHub, said many Americans are continuing to struggle with growing credit card debt.

According to a new WalletHub survey, about two in five people expect to carry even more credit card debt by the end of the year. Kiernan also noted that 42% of Americans believe they will remain in credit card debt for the rest of their lives. According to a survey conducted by the Achieve Center for Consumer Insights, 57% of borrowers said it would take them six months or longer to fully pay off their credit card debt.