Record share of Americans carry credit card debt, can't pay off bills

A record 111 million Americans are carrying credit card balances they cannot pay off in full, representing a 17% increase over the past five years, according to new research. The rising share of households unable to clear their revolving debt reflects persistent economic pressures, including inflation and stagnant wage growth, that have forced more Americans to rely on high-interest borrowing. This surge in unpaid credit card debt compounds financial stress for consumers already grappling with elevated living costs and limited savings buffers. The trend carries broader economic implications, as households drowning in consumer debt have less discretionary income to spend on other goods and services, potentially slowing economic growth. Credit card issuers benefit from the interest payments generated by these unpaid balances, though rising defaults could eventually pressure their profitability.