Americans Trapped In Overwhelming Debt

Photo by Towfiqu barbhuiya on Unsplash

( – A new Redfield and Wilton Strategies poll has found that around half of all Americans who have credit card debt are scared that they will not be able to pay it back. According to the poll, 46 percent of those with credit card debt were “very” or “fairly” concerned about their abilities to pay off their debts.

The poll was conducted on December 8 and included the answers of 1,500 U.S. residents.

In August it was revealed that Americans own $1 trillion in credit-card debt combined according to the Federal Reserve Bank of New York data. Between April and June of 2023, there was a 4.6 percent increase in the debt owed to credit card agencies, marking a $45 billion increase.

The survey also determined that around 28 percent of the Americans that had been sampled had been “very concerned” with whether or not they would be able to pay off their credit card debt, while 18 percent were “fairly concerned.” Those who were “slightly concerned” amounted to around 19 percent. There was also 36 percent of those asked stated that they were “not at all” concerned about credit card debt.

During the poll, it was also determined that 28 percent of Americans had only one credit card in their name, while 25 percent stated they had two and 12 percent had three. There was also an increase in the number of Americans who had more than three credit cards, which amounted to 13 percent of everyone with credit cards.

Copyright 2023,