RAPID CITY, S.D. (KOTA) – A new survey finds many Americans carrying credit card balances are having trouble making lasting progress on their debt.
Freedom Debt Relief surveyed 1,006 U.S. adults who carry a monthly credit card balance. 72% said they have paid down their debt only to see it rise again, while 60% said they feel stuck in a cycle.
Half of respondents said they make only the minimum payment most or every month. Gen Z cardholders had the highest rate of minimum-only payments at 59%, and four in five said they did not know their exact interest rate.
Lower-income respondents were also more likely to feel trapped. About 69% of those earning less than $30,000 said they felt stuck, compared with 42% of respondents earning six…