[SURVEY] 85% of Americans Who Max Out Credit Cards Blame Inflation, Leading To $10K To $30K CC Debt

By Giuliano De Leon

Apr 12 2024, 16:31 PM EDT

More and more Americans are maxing out their credit cards. This was revealed by a new survey, which Florida-based instant debt advisor Debt.com conducted.

[SURVEY] 85% of Americans Who Max Out Credit Cards Blame Inflation, Leading To $10K To $30K CC Debt — A credit card is placed into a credit card machine for processing payments on September 11, 2023 in La Puente, California. Credit card debt from US consumers is rising by billions of dollars amid higher inflation and interest rates, topping $1 trillion for the first time in history. FREDERIC J. BROWN/AFP via Getty Images

Most blame the worsening U.S. economic inflation, saying that this economic crisis forces them to rely heavily on credit cards to cover living expenses.

85% of Americans Who Max Out Credit Cards Blame Inflation, According to Survey

According to Fox Business' latest report, around 45% of the new survey's participants said they rely on credit cards because of rising prices caused by inflation.

Almost 9% of them said that they acquired a credit card so that they have a fallback in case of a financial emergency. Regarding maxing out credit cards, 35% of Americans said they've done this in the past few years.

Around 85% of those who maxed out their credit card limits blamed economic inflation. They also shared the amount of their credit card debt.

22% said they have between $10,000 to $20,000 in credit card debt.

5% of Americans said they have over $30,000 in credit card debt.

Common Reasons Why Americans Get Credit Cards

In the official study of Debt.com, the instant debt advisor firm said that over 50% of American participants said they need to rely on credit cards if they ever face a financial emergency.

Those who acquired credit cards to prepare for a financial emergency shared their common reasons: