Overview
- Bankrate reports that 61% of people with card debt have owed for at least a year, up from 53% in late 2024.
- About 47% of cardholders carry a balance, and the average balance per borrower is roughly $6,500, per TransUnion.
- Academy Bank estimates 73% of outstanding balances come from essentials such as repairs, medical bills and routine living costs.
- The median card APR is about 25.3%, with typical rates around 20% to 23%, making minimum-payment timelines long and expensive.
- President Donald Trump has proposed a one-year 10% ceiling on card rates, with analysts warning of potential limits on credit access and the plan’s outlook uncertain.