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2022 American Household Credit Card Debt Study Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. And while our site doesn't feature every company or financial product that is available in the marketplace however, we're confident that the guidance we offer as well as the advice we offer and the tools we create are objective, independent easy to use and free. So how do we make money? Our partners pay us. This may influence which products we write about (and where they are featured on the site), but it in no way affects our recommendations or advice that are based on hundreds of hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. . 2022 American Household Credit Card Debt Study NerdWallet's annual study finds that credit card debt is growing with the cost of living. And many Americans are concerned about financial issues in the next year. Written by Erin El Issa Senior Writer | Personal finance, analysis of data credit cards Erin El Issa writes data-driven studies about personal finances, credit cards investment, travel, banking and student loans. She loves numbers and aims to simplify data sets in order to assist consumers in improving their financial lives. Prior to becoming an Nerd in 2014, she worked as a tax accountant and freelance personal finance writer. Erin's work has been mentioned as a result by The New York Times, CNBC as well as the "Today" show, Forbes and elsewhere. In her free moments, Erin reads voraciously and tries in vain to keep on top of her two kids. Her home is in Ypsilanti, Michigan. Jan 10 Jan 10, 2023 Edited by Paul Soucy Lead Assigning Editor Credit cards, credit scoring personal financial planning Paul Soucy leads the credit cards content team at NerdWallet. He was editor at the Des Moines Register, USA Today and Meredith/Better Homes and Gardens for more than 20 years, then built an established freelance writing and editing business. Editorial duties included his work for the USA Today Weekly International Edition and was awarded the most prestigious award from ACES: The Society for Editing. He earned a bachelor's in journalism and a Master of Business Administration. A majority of the products we feature come from our partners, who we pay. This influences which products we review and where and how the product appears on a page. However, this doesn't affect our assessments. Our opinions are our own. Here is a list of and . This past year has been a very expensive one: Living expenses is increasing more quickly than incomes, which is forcing many Americans to borrow more to pay for their expenses. And interest rates that have increased due to inflation are making debt more costly. NerdWallet's annual look at household debt shows that credit card balances carried from month to month have increased over the past 12 months, which totaled an estimated $460 billion by September 2022 . Auto loans and overall debt load also increased over the past year, and student loan debt dropped slightly. Here's the breakdown of what U.S. households owed in total , and the average amount for each household for every type of debt as of September 2022: The type of debt Total owed by an ordinary U.S. household with this credit Total amount owed in the U.S. Percentage change of total owed between 2021 and 2022 Any kind of debt* $165,388 $16.51 trillion +7.65% Kreditkartes (total)* $17,066 $1.05 trillion +15.17% Credit cards (revolving) $7,486 $459.6 billion +28.73%*** Mortgages $222,592 $11.67 trillion +8.54% Auto loans $28,975 $1.52 trillion +5.31% Student loans $58,238 $1.57 trillion -0.64% * This debt may include mortgages and home equity lines of credit as well as auto loans and credit cards. It also includes student loans and other household debt according to the Federal Reserve Bank of New York. Total U.S. credit card outstanding debt comprises transacting and revolving balances. Revolving debt was calculated by with the help of the average over the last five years of the percentage that credit card debt is deemed to be revolving (carried monthly) instead of transacting (paid in full every month). The past few years, we've had these figures from Experian. The credit bureau has declined to give the revolving and. transaction data for 2022. A note about this year's data The 30% rise in revolving credit card debt (that is, credit card balances carried from month to month -- can be attributed to two things: a significant increase in the total amount of credit card debt (revolving as well as nonrevolving) and a larger amount of the revolving debt. The total credit card debt increased by 15%. As the costs of living exceeding income growth so it is only natural that a larger portion of the increase was in the form of revolving credit. This is only an estimate. We have calculated it with the average percentage of revolving loans from the last five years. This is more than the historically low revolving debt percentage of 2021 however it is similar to percentages from prior years before the COVID-19 pandemic. Our annual report analyzes government data that come from sources such like The U.S. Bureau of Labor Statistics and the Federal Reserve Bank of New York to determine how the debt of households has changed over the past year. NerdWallet has also recently conducted an online survey of more than 22,000 U.S. adults, conducted by The Harris Poll, to learn more about how Americans are feeling about their debt and what they expect to happen in the future when rates of interest will affect their financial situation. We also inquired about Americans' usage of "buy now and pay over time" services, as well as how your income (or not) been able to keep pace with inflation, as well as their financial worries for the year to come. Key results Prices are rising faster than incomes. In the past year, the median income of households has grown just 4 percent, while total cost of living has been up by 8 . The study found that almost half of employed Americans (45 percent) say their pay hasn't increased enough over the past 12 months to keep up with inflation. Buy now, pay later services may mean deeper debt for millions. Close to 1 in 5 Americans (18%) say they have employed a BNPL service in the past 12 months. Consumers are worried about finances over the next year. Seven out of 10 Americans (69%) have financial concerns about the coming year. The top. top concern is the need to take on more debt or go into borrowing to meet the needs (31 percent) and then paying higher the interest they pay on their debt (27 percent). The amount of interest charged by credit cards paid by households is up because of recently announced Federal Reserve rate hikes and increasing amounts of revolving credit card debt. U.S. households that carry credit card debt will pay an average of $1380 in annual interest . This is assuming interest rates don't go higher. "Credit card debt is usually believed to be the result of impulsive spending, but for the majority of Americans it's not true," says Sara Rathner who is a credit card NerdWallet expert. "Consumers are feeling the pinch of rising prices and high the rising interest rates, and wages aren't enough to keep up. That's forcing many to make tough decisions, like taking out loans to cover the costs of living." Cost of living outpaces income growth significantly over past year Every year, we analyze growth in the cost of living compared with that of household income in the prior decade to assess whether income is keeping pace with the cost of living. In the 10-year frame, we found income growth is on the rise the pace: Median household income is up by 44% over the past year however, overall expenses have been up by 28% in the same span . However, the picture is drastically different when you consider rapid growth in the short term, due to the COVID-19 pandemic and the unusually high rate of inflation. The growth rate over the past three yearsfrom pre-pandemic up to todaythe median income has risen by 7%, however overall costs have been up by almost 16percent . This includes a 27% increase in transportation costs as well as a 20% rise for food and beverages costs and a 14% increase in housing expenses. That could explain the reason why, as per our survey, 45% of Americans say their overall financial health is less good as compared to before the COVID-19 pandemic. According to the survey, more than fifty percent of all employed Americans (45 percent) claim that their salaries haven't grown enough over the last twelve months to keep pace with the rate of inflation. Consumer price index and income growth data backs this assertion. Over the past year we've seen prices rise -- 8.2 percent annual inflation as of September 2022. It includes an increase of 13 percent increase in transportation expenses, 11% in the cost of food and beverages and 8% for housing costs. Meanwhile, the median household income has increased by 4% in this period . Consumers are doing all they can to combat higher prices. According to the study almost 4 out of five Americans (79%) declare that they've taken action in response to rising prices over the last six months. In the past six months, 42% of Americans have said they've driven less, while 39% say they've bought more brands from the stores and non-processed items. Close to 1 in 5 Americans (19 percent) have added more debt as a result of inflation in the past six months. " Reviewing your spending habits for areas to cut back and putting any extra money to savings or debt repayment can be a big help. " Sara Rathner , NerdWallet credit card expert Debt is making Americans feel overwhelmed, anxious and stressed In the last year, nearly 3 in 10 Americans (28 percent) declare that their overall debt has increased. 14% of Americans saying they've been able to pay for medical expenses during this period. This debt is taking its toll. According to the study that 41 percent of Americans who have debt feel anxious about it, while 35% of them feel overwhelmed. This feeling of feeling overwhelmed is most prevalent for Americans who earn a household income of less than $75,000, who are currently in debt 44% of the population feels this way, in contrast to 27% of debt-laden Americans with households earning $75,000 per year or more. BNPL could be hiding other debt Our annual analysis of household debt examines the traditional types of debt -- such as mortgages, credit cards, and student loans. Comprehensive information about these loans is compiled and published by government agencies such as that of the Federal Reserve Bank of New York. However, the problem of debt could go deeper because of the emergence of short-term loans offered by companies such as Affirm as well as Klarna. BNPL services allow you to purchase something right now and make installment payments -- often 25% at the time of purchase and 25% each two weeks until you pay it off. The longer-term BNPL options usually have a fee for interest, similar to a traditional installment loan. Based on our research that nearly one in five Americans (18%) have utilized the BNPL service in the past twelve months. The situation is even more common among younger Americans as 25% of Generation Zers (ages 18-25) and 30 percent of the millennials (ages 26 to 41) have used these services over the last year, compared with 16 percent among Gen Xers (ages 42-57) and 7 percent from baby boomers (ages between 58 and 76). A few Americans depend on BNPL solutions to cover everyday necessities -- things that are used up before they're even paid for. According to a September 2022 report from the CFPB or CFPB, usage for everyday or necessity purchases -- like gasoline, food and utilities -- was up 434 percent in the period between 2021 and 2020, and increasing by 1,207% between the years 2019 and 2020. BNPL services typically come with no interest, but they may charge late fees to customers who do not pay. The CFPB report found that 10.5% of BNPL clients were charged at the very least one late fee by 2021. While late fees are generally to be low about $7 for an typical loan balance of $135The report outlines the potential negatives of these services that could become financially unsound, such as overextending, and the taking of more loans than you can reasonably manage. If you're a consumer who uses BNPL once in a while the possibility of overextension shouldn't be an issue. For those who pile loans and take on several loans in a short period of time -- and who are regular BNPL users this payment obligation could affect the ability of paying other bills promptly due to the amount of BNPL payments they have to pay. This can result in penalties for late payments, interest charges and even harm to credit scores. Many Americans bring financial worries into the new year The last year was expensiveand many aren't optimistic things will get better in the next year. Nearly 7 in 10 Americans (69%) are concerned about financial issues in the next 12 months and the top worry being the need to enter debt, or even deeper into debt, to cover necessities (31%). More than one quarter of Americans (27%) are worried about the prospect of paying more interest on their debt over the next 12 months. this comes after a series of rate hikes from the Federal Reserve and the possibility of additional increases in 2023. The interest rates on credit cards are rising and could go higher These actions by the Fed have raised the average credit card interest rate on accounts incurring interest to 18.43 percent as of August 2022, as per the Federal Reserve Bank of St. Louis. This is the highest percentage since the St. Louis Fed began keeping track of this data in the year 1994. For American households carrying an average of credit card debt revolving, that would produce $1,380 annually in interest charges. Last year, average annual interest costs were $1,029 due to lower credit card debt that is revolving and lower interest rates. During 2022 Americans saw seven rate increases from the Fed and more may be coming in 2023. According to the survey, more than 3 in five Americans (61 percent) think that the upcoming rate hikes will impact their financial position, positive or negative. However, while 30% of Americans believe it will make their current credit more expensive, and 28% believe it will make the new borrowing more expensive, 1 out of five Americans (20%) think they'll get more interest from their savings. What can Americans can do? Make preparations for a recession that could be coming. At present, a recession hasn't been officially declared, but some experts predict that we're in one or is coming soon. Even if you are aware that one is coming, though it's hard to anticipate what's coming since the consequences of a recession don't seem to be common nor universal. Moreover, uncertainty can quickly turn to calamity. The last few years have provided numerous evidences of the necessity of planning for the unforeseeable and there are strategies to mitigate the effects on your financial wellbeing. If you're able to do so, you should add funds to your savings consistently. It could be necessary to build an emergency fund that is up to three months' worth of expenses, or perhaps making savings higher than that to cover longer-term income loss. To have more funds to put toward savings review your budget and consider where you can cut. It's not necessary to cut down on your expenses forever In the short-term, it can help you increase your savings more quickly. "If you're looking at a few months of expenses seem too much to put aside right now, aim for a few hundred dollars from an account for emergency funds," NerdWallet's Rathner advises. "It is extremely helpful in the event of an unexpected expense." " You can't control the global economy however, you can take small steps to feel more financially secure now. " Sara Rathner , NerdWallet credit cards expert It is better to pay now than later, if you can. Using a buy now, pay later program might be the best option for you, but before you use one, consider the alternatives. If you have enough funds in order to settle the debt, placing the charge to a credit card could get you rewards, and also safeguard your purchase in case that you need to return the item. It's also a good idea to save money for unnecessary items over the six-week period -- which is the normal BNPL timeframe -- before making the purchase. It is possible that you will no want to purchase the item once a time has expired. If you choose to use BNPL services, set up automatic payments to avoid late fees and limit the number of purchases you can make within a an unspecified time to ensure you don't get overwhelmed. Avoid large financial transactions If you can, avoid major financial moves. Due to consumer worries about rising interest rates and the difficulty to access, and decreased credit limits, you might want to hold off on accepting new credit obligations as long as you are able to. It might not be practical for you, and that's OK; sometimes we just can't wait for the right time, particularly when experiencing financial stress. But if you can hold off making big financial changes and make major financial decisions, it's probably a great idea to do so. "This is the perfect moment to concentrate on financial basics," Rathner says. "Checking your spending habits for areas to cut back and applying any extra funds for savings or debt repayment could be very beneficial." Understand how higher interest rates can affect your finances. More than a fifth of Americans (21%) don't know if the next interest rate increases will affect their financial situation, as per the study. But if you have high-interest loans that are variable, such as credit cards or the home equity line of credit -- or have money in savings accounts, the higher rates could affect your finances. This is also true for debt with fixed rates, such as an auto or mortgage loan. Increases in interest rates can make your debt more costly However, they increase your savings faster. If you have variable-rate debt, aim to make higher or more frequent payments to reduce it more quickly. Hold off on applying for big loans that have fixed rates in the event that you are able to -- higher rates make big purchases, such as a home or car, significantly more expensive. If you have a savings account, examine your interest rate. Rates have been incredibly low up to a point, but today, you can get annual percentage rates, also known as APRs of 3percent or more. "The risk of uncertainty in the economy is always a source of anxiety," Rathner says. "You cannot control the economic system in general but you can take even small steps to feel financially secure right now." Methodology This survey was conducted online in the United States by The Harris Poll on behalf of NerdWallet from October. 25 to 27, 2022 from 2 041 U.S. adults 18 and older. The accuracy of sampling in Harris surveys conducted online is determined by using a Bayesian credible interval. For this study the sample data is reliable to within +/+/- 2.8 percentage points, using 95% confidence levels. To learn more about the methodology of this survey that includes weighting variables and sizes of subgroups, get in touch with Lauren Nash at . The analysis of NerdWallet's includes data from the following sources: September 2022, data from the Federal Reserve Bank of New York's Center for Microeconomic Data. December 2021, taken from the U.S. Census Bureau. from members of the Board of Governors of the Federal Reserve System. September 2022, data from The U.S. Bureau of Labor Statistics. December 2021, as reported by the U.S. Census Bureau. September 2022, from September 2022, from the U.S. Bureau of Labor Statistics' National Compensation Survey. August 2022. From August 2022, from the Federal Reserve Bank of St. Louis. Expand to footnotes for footnotes 1. The credit card that is revolving analyzed differently from other types of household debt. The Federal Reserve Bank of New York relies on data from Equifax which is one of three main credit reporting agencies in the U.S., as the source of the data on credit card debt and includes revolving balances (debt that is carried between months) and transacting balances (debt that is due to be paid off in the next statement). The past few years, we've utilized information provided by the credit reporting bureau Experian to determine the percentage of balances which were revolving and transacted through bank credit cards. Experian hasn't provided information for 2022, so we took the average of percentages from 2017 to 2021. The information on the revolving balances of retail credit cards was not available, so we assumed that cardholders revolved debt on retail credit cards and bank credit cards in the same way. Then, we multiplied total balances on credit cards across the U.S. -- $1.05 trillion as September 2022 by the proportion of debt that is revolving. (According according to New York Fed, the majority of households in the country had outstanding credit card balances of $925 billion by September 2022. This number includes bank credit cards but not retail credit cards. To make this figure more representative of all creditors, we took $925 billion and added it to 25% of reported "other" debt; the New York Fed says about a quarter of so-called other debt is outstanding retail credit card balances.) Then, we divided the sum by the number of households that have the revolving credit card debt. We estimated the number of houses by multiplying the amount of U.S. households, projected from data that was published at the close of 2021. We then divided that number by the proportion of households that have the debt (using estimates for 2022 based on data from 2019 taken from the Fed's Survey of Consumer Finances). 2] To estimate the amount of debt owed by households for each category (with the exclusion of revolving credit cards debt -- we took the average amount of each type of debt which was provided to the Federal Reserve Bank of New York and divided in the amount of homes that have the same kind of debt. We estimated the number houses by multiplying the amount of U.S. households, projected from data that was published at the close of 2021, by the percentage of households with the debt, based on information from the 2019 Survey of Consumer Finances. Consumer price indexes or CPIs are used to measure changes in price for various consumer products and services. The price indexes that we examined comprise prices for clothing education and communication as well as food and beverages, food in the home environment, meals away from home, housing medical, other goods as well as services, recreational activities and transportation. Based on the U.S. Bureau of Labor Statistics, the price index for all items grew from 274.214 and then 296.761 in the period between September 2021 between September 2021 and September 2022. Transportation CPI was up by 237.107 to 267.043 Food and beverages CPI was up by 280.413 and reached 310.635 while housing CPI increased between 283.532 up to 306.323 between September 2021 and September 2022. To compare the increase in the price index categories and the growth in income from 2012, we forecast the 2022 median household income using the 2021 median income of $70,784 and increasing or decreasing it by the quarterly percent changes reported by the Bureau of Labor Statistics' Employment Cost Index data for civilian workers. Based on census data, the median household income was $70,784 by 2021 and our projections show the median household income to be $73,653 for 2022. 4] To estimate interest on credit cards over the period of one year, we applied our estimate of credit card debt that is revolving as well as data on the average interest rate on credit card accounts that are assessed interest by the Federal Reserve Bank of St. Louis from August 2022. With a steady balance, we multiplied the average of revolving credit card debt of households with credit card debt by the average APR. This is just an estimate; for simplicity our calculations do not consider daily compounding or fluctuating balances. 5 According to the U.S. Bureau of Labor Statistics The price index for all goods increased between 231.015 up to 296.761 in the period between September 2012 and September 2022. Based on census information, the median household income reached $51,017 as of 2012. our projections show a median household income of $73,653 for 2022. 6] Based on the U.S. Bureau of Labor Statistics the price index for all goods was up between 256.596 to 296.761 during the period between September and September 2022. Transportation CPI was up by 209.896 to 267.043 Food and drink CPI rose to 258.59 and reached 310.635 while housing CPI rose from 267.555 up to 306.323 between September 2019 to September 2022. Based on Census data, the median household income in 2019 was $68,703; our projections show an average household income of $73,653 in 2022. About the author: Erin El Issa is a credit card expert and studies writer at NerdWallet. Her work has been featured in USA Today, U.S. News and MarketWatch. Similar to... Find the perfect credit card for your needs. Whether you want to pay lower interest or earn more reward points, the right card's available. Just answer a few questions and we'll narrow down the selection for you. Dive even deeper in Credit Cards Find out more money-saving strategies right to your inbox Sign up and we'll send you Nerdy content on the topics in finance you care about the most along with other ways to help you earn more from your money. Take all the appropriate money moves Should you loved this informative article and you wish to receive more details relating to online instant payday loans no credit check (https://bestloannde.ru/) assure visit our web-page. |
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