As a result, many are using more of their available credit and now, nearly 2 in 5 credit cardholders — 37% — have maxed out or come close to maxing out a credit card since the Federal Reserve began raising rates in March 2022, according to a new report by Bankrate.
Other reasons cardholders blame for maxing out a credit card or coming close include a job or income loss, an emergency expense, medical costs and too much discretionary spending.
Generation X at riskwatch nowMore than any other generation, Gen Xers in their 40s and 50s are most likely to have maxed out a credit card or come close in the past two and a half years, according to Bankrate's report.
Of Gen Xers, 27% have maxed out their credit cards compared to 23% of millennials and 17% of Baby Boomers.
Young adults in Gen Z are the least likely to have maxed out a card, according to the survey, which polled more than 3,500 adults, including 3,015 who are credit cardholders and 1,104 who have either maxed out their credit cards or come close.
Persons:
Bankrate, Sarah Foster, Xers, Gen X
Organizations:
Federal Reserve, Bankrate, Baby Boomers, Gen
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