Half of U.S. cardholders doubt clearing December debt, reveals survey.

January 3, 2024
1 min read

According to a survey by LendingTree, only half of U.S. credit card consumers believe they can pay off their December balance in full. This represents an all-time low since the company began tracking this data in 2018. The survey found that women feel less confident than men in their ability to pay off their credit card balance. Gen Z consumers showed the highest confidence level, while the confidence level was lower for GenX consumers, baby boomers, and millennials. The survey also highlighted a decline in consumer confidence in paying off credit card balances since October 2020. In 2022, $116 billion in new credit card debt was accumulated due to inflation affecting household budgets, and consumers added nearly $43 billion in credit card debt in the second quarter of 2023. The average credit card balance for households at the end of the second quarter of 2023 was $10,170, just $2,242 less than the record set during the Great Recession in 2007.

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