The coronavirus has put the brakes on the economy. However, many individuals still face due dates for payments on lingering credit card balances.
A new survey from CreditCards.com finds that 59% of credit card holders – or 110 million adults – entered the coronavirus pandemic and subsequent slowdown with credit card debt.
Many of them – 56% – had been carrying that debt for at least one year.
The most common reasons cited were medical bills, car repairs or home maintenance, with 35% of respondents; followed by day-to-day expenses, with 26%. Meanwhile, discretionary spending accounted for 31%.
“It’s generally responsible stuff, but it’s easy to get in,” said Ted Rossman, industry analyst at CreditCards.com. “It’s hard to get out.”
Interest rates can be as much as 25% or more, which makes it harder to pay…