Nearly 78% of Americans carry a credit card balance, but 20% would delay seeking professional debt help until it is a last resort, according to a new survey from credit counsellor Consolidated Credit.
“Waiting until you are in a financial crisis to get help is like waiting until your engine blows up to change the oil,” said April Lewis-Parks, Director of Financial Education at Consolidated Credit. “The earlier you address the problem, the easier and cheaper it is to fix.”
The share of consumers willing to get help with credit card debt dropped to 15% for those with total balances of at least $10,000. The data comes as Americans face an affordability crisis amid soaring inflation, high interest rates and near-record credit card debt.
Consumers are turning to credit cards to cover household budget shortfalls caused by rising living costs. Nearly three-quarters of credit card debt—around $883 billion—is tied to everyday spending, according to a January report from Academy Bank. Credit card debt reached an all-time high of $1.3 trillion, the Federal Reserve Bank of New York reported.
Credit card balances have since fallen by $25 billion in the first three months of 2026, possibly due to consumers using tax returns to pay off debt, a Morgan Stanley analysis found. However, average credit card interest rates remain at 21%, near 2024's all-time highs, according to the Fed.
