Here's how many Americans are struggling to pay their credit card balance in full
Many Americans are struggling to pay their credit card balances in full, according to a new report.
In fact, women are struggling the most, CompareCards.com found in its monthly Credit Card Confidence Index.
Women are actually three times as likely as men to say they aren’t confident at all in being able to pay their full credit card balance this month, the report found.
"We're starting to see signs that the nation's $1 trillion credit card debt is finally taking a toll on cardholders' confidence. This isn't a full-blown crisis, by any stretch, but it doesn't seem to be a one-month blip either," Matt Schulz, chief industry analyst at CompareCards, said in a statement.
"With fewer people paying their statement balances in full and cardholder confidence dipping to yearly lows, this is clearly something that bears watching,” Schulz added.
Overall, only 30 percent of cardholders said they always paid their full monthly credit card bill in the last six months, which is reportedly the smallest number of people in the last year, according to the survey.
Meanwhile, 21 percent of cardholders said they never paid their credit card bill in full in the last six months.
“That's the fourth straight monthly increase and the second-highest percentage in the past year,” the report said.
Thirty-one percent of women in the survey said they haven’t paid their bills in full even once in the last six months while 28 percent said they did every time in the last six months. According to CompareCards.com, that’s the first time that’s happened in the last year.
Meanwhile, only 10 percent of men said they never paid their credit card bill in full in the last six months while 32 percent of men said they always paid in full in the same amount of time.
The report, which was published Wednesday, also found that August was the second straight month where Americans’ confidence in their ability to pay their monthly statement in full dropped.
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"It's clear from our data that Americans feel less confident about paying their credit card bills today than they did just a few months ago, and that's especially true for women. The gender gap we see is stark and particularly troubling," Schulz said.