Americans Worry About Paying Credit Card If COVID Surge Continues

Sad couple with debt
Photo by Marcos Mesa Sam Wordley / Shutterstock.com

Most Americans with credit card debt — 62% — worry that they won’t be able to make a minimum credit card payment sometime in the next three months if the coronavirus pandemic rages on, according to a new survey.

Millennials are especially concerned, with 87% saying they won’t be able to make minimum payments if they cannot work, according to the new poll from CreditCards.com. And 79% say they won’t be able to make the minimum if COVID-19 cases continue to surge.

The survey was conducted in mid-July, and included more than 2,300 respondents.

Overall, about 66% of Americans carry some form of personal debt, with 36% carrying credit card debt.

Survey takers said they are most likely to struggle with making a minimum payment if:

  • They are unable to work now or in the future (61%)
  • There is no more government stimulus money (56%)
  • Their $600 weekly supplemental unemployment benefits end (26%)

Still, many people are taking on even more credit card debt in these tough times. Among all credit card debtors, 25% have taken on more credit card debt as a direct result of the pandemic. For millennials, the figure is 39%.

Getting out of credit card debt

While survey respondents worry about their near-term ability to make credit card payments, they are surprisingly optimistic about the long-term prospects of dumping their debt.

Just 9% expect to die in debt, while 8% say they don’t know when they will be debt-free. Both figures are up slightly from January but still represent optimism, says Martin Lynch, compliance manager and director of education at Cambridge Credit Counseling. He told CreditCards.com:

“It might be a case of whistling past the graveyard, or it may be a sign that American consumers are resolving to resume paying down debt as soon as this crisis passes.”

If you are struggling with credit card debt, a little professional help can go a long way toward helping you turn things around. Stop by Money Talks News’ Solutions Center to find free help with managing your debts.

You can also check out articles such as “The Best Way to Kill Off Your Credit Card Debt.”

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
8 Products to Reduce Anxiety and Stress
8 Products to Reduce Anxiety and Stress

Current events have you feeling anxious? These Amazon products can take the edge off.

Retiree Households Lose $111,000 to This Social Security Misstep
Retiree Households Lose $111,000 to This Social Security Misstep

A study finds 96% of retirees make this mistake when claiming Social Security benefits.

2 Costly Rewards Credit Card Mistakes — and How to Fix Them
2 Costly Rewards Credit Card Mistakes — and How to Fix Them

If you commit either of these credit card sins, you are likely losing money every time you use a card. Here’s how to easily right this wrong.

5 Surveys For Money Sites To Get Paid For Your Opinion
5 Surveys For Money Sites To Get Paid For Your Opinion

Yes, you can earn extra cash by taking online surveys. But some websites are better than others for this. Here are a few of our favorites.

11 Small Money Moves That Will Make a Big Difference
11 Small Money Moves That Will Make a Big Difference

These small money moves will pay off big in the long run.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Vacuums from this brand can last a half-century, if not longer — and they’re hot on the resale market.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

36 Things That Will Be Obsolete Soon
36 Things That Will Be Obsolete Soon

The writing is on the wall for dozens of things we have grown up with.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

Medicare Will Not Cover These 6 Medical Costs
Medicare Will Not Cover These 6 Medical Costs

Don’t let these health care expenses catch you off guard in retirement.

8 Federal Income Tax Breaks for Homeowners
8 Federal Income Tax Breaks for Homeowners

Some of these deductions and credits are available to a wide swath of homeowners.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

10 Types of Retirement Income That Are Not Taxable
10 Types of Retirement Income That Are Not Taxable

There are lots of things Uncle Sam can’t touch — so long as you play by the rules.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

5 Products You Should Never Buy Generic
5 Products You Should Never Buy Generic

Sometimes the brand-name version is clearly superior.

17 Surprising Things You Can Sell for Extra Money
17 Surprising Things You Can Sell for Extra Money

You probably don’t realize these items are worth decent cash.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.