An alarming 53% of Americans are carrying credit card debt right now, with an average balance of about $5,000 dollars. But there is good news to report in that number: fewer people are piling on more debt, even with the ongoing COVID-19 pandemic.
That being said, the debt can still really eat away at one's financial health: recent studies show 37% of Americans have less than $1,000 in their emergency savings, and 13% have no emergency savings at all. Credit card debt can be both good and bad; credit cards help build credit, but the downside of not paying it off is high interest rates. #Money #Debt
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More than 50% of Americans carry credit card debt
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