Credit card debt is an embarrassment to many Americans. It is especially embarrassing, apparently, to people who earn a lot.

According to a new study by Bankrate, 61% of people with credit card debt have been holding it for at least a year — up from 53% in late 2024.

More Americans are taking on credit card debt and holding it for longer as the cost of living continues to rise and many households struggle to keep up.

Former Mayor Lori Lightfoot was sued late last year for unpaid credit card debt, records show. Lightfoot was served in October at her Chicago home with a lawsuit from JPMorgan Chase Bank for allegedly failing to pay about $11,

If reducing debt is on your New Year's resolution list, financial experts have recommended transferring the balance of your credit card account to make savings of up to £1,931. Customers will usually have to pay a fee to switch to a 'balance transfer' credit card, but they could enjoy zero or low interest rates until 2029.