(TNND) — About half of Americans with credit cards are in debt, and about half of those folks have been in debt for over a year, according to a Bankrate survey published Wednesday.
And much of that credit card debt is fueled by emergency expenses or simply day-to-day living.
“In some respects, we expect credit card balances to grow over time,” Bankrate senior industry analyst Ted Rossman said.
The New York Fed says Americans have $1.2 trillion in credit card balances, but those should increase as the population grows and more people swap cash for cards.
“What’s really important at the household level is do you pay it off right away or not?” Rossman said. “And that’s where I hearken back to that industry saying about, ‘Credit…
