More than 1 in 10 people “blew up” their credit card debt this past holiday season, according to a national survey by WalletHub, a personal finance company.
Not only that, but people are also planning to transfer their holiday debt to a new credit card. Typically, balance transfers are used to avoid the interest on a large amount of debt.
One in five people responded to the nationally representative survey that they would seek a post-holiday balance transfer.
Additionally, nearly half of Americans don’t have a plan to pay off their debt, and some say they will have more credit card debt by the end of 2025.
An overwhelming majority responded that they think they will be out of credit card debt by 2030.