Most Americans carry some form of credit card debt. A recent
Clever Real Estate survey found that 3 in 5 Americans (61%) are in credit card
debt, with an average debt of $5,875. Additionally, 23% of respondents reported
that they incur more credit card debt each month, and 14% indicated that they
have missed a payment in 2023.
 
Here are some more staggering statistics about the state of
credit card debt in America:
 
- **28% of Americans Believe It Will Take 5 Years to Pay Off
Their Credit Card Debt** 
Although 49% of Americans believe they can pay off all their
credit card debt within the next year, a significant portion thinks it will
take five years or longer. According to the Clever Real Estate survey, 28%
believe they will be debt-free within five years, 11% expect to pay it off
within ten years, and 6% think they will never be able to pay it off.
 
- **Nearly Half of Americans Need Credit Cards to Cover
Essential Living Expenses** 
The survey revealed that 48% of Americans rely on credit
cards to manage essential living expenses. This trend is particularly prevalent
among younger generations, with 59% of millennials using credit cards for their
living expenses. In contrast, only 29% of baby boomers depend on credit cards
for essential costs.
 
Jason Saltzman is the founder of Relief, a transformative
platform that revolutionizes debt management for everyday people. With two
successful business exits, over a decade of mentoring founders through
Techstars, and experience teaching entrepreneurship, Jason possesses a wealth
of expertise and a passion for empowering others in the realms of business and
innovation. As Co-Chair of MIT’s REAP program, he is actively shaping the
future of entrepreneurial ecosystems.
 
For more information: https://www.relief.app/ 
Instagram: @jasonsaltzman 

X: @SaltzmanJason 
 

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