After student loan debt, credit card debt is one of the main financial anchors holding consumers back, preventing them from getting ahead.
But a new survey conducted for U.S. News and World Report shows a lot of consumers are not only unaware of how much credit card debt they owe, they don’t even know if that debt exists.
A recent report from the Federal Reserve shows credit card debt in the U.S. surpassed the $1 trillion mark for the first time in 2018. Student loan debt is only slightly larger, at $1.4 trillion.
The disturbing results of the U.S. News survey show 21 percent of consumers don’t know if they are carrying a credit card balance and 30 percent said they don’t know how much interest they pay each month.