Bad news for banks.
Nearly 80% of credit card holders in the United States say they’re concerned they won’t be able to continue making the minimum payments on their debt.
A new survey from CreditCards.com found that millennial credit card holders (91%) are most at risk of missing payments. Meanwhile, 25% of people say the pandemic has pushed them to take on more credit card debt since the start of this year.
More than 60% of survey respondents said they may not be able to make their minimum payments if they can’t return to work in the near term. The U.S. unemployment rate remains above 10% as new cases of COVID-19 surge in the country.
The average U.S. household has around $5,700 in credit card debt, with a minimum monthly payment of around $133. Lawmakers in Washington, D.C. continue to try and come up with a new round of stimulus as most of the relief measures delivered to Americans in the first stimulus package delivered this spring have dried up, leaving many people with no income.
