A new national survey from Debt.com reveals that 55% of U.S. adults are now using credit cards to cover essential costs such as groceries, rent, and utilities, marking a shift from credit as a convenience to credit as a necessity. The survey, conducted in recognition of Credit Education Month, found that 46% of respondents have maxed out at least one credit card, and 57% say ongoing inflation has forced them to carry higher monthly balances compared to a year ago.
The findings show a sharp rise in financial strain over the past 12 months. Americans carrying a five-figure credit card balance of $10,000 or more jumped from 23% in 2025 to 29% in 2026, the largest year-over-year increase in three years. Howard Dvorkin, CPA and Chairman of Debt.com, called the trend a financial emergency, noting that interest alone can become a barrier to stability when balances exceed $30,000.
Forty-one percent of respondents now report an average APR above 21%, up from 33% one year ago. With average interest rates hovering above 24%, 22% of respondents do not know their current APR, a lack of awareness that can lead to a debt spiral. In 2024, 56% of Americans said they would rely on credit cards during an emergency, a figure that fell to 51% in 2025 but jumped to 61% this year, the highest in three years.
The survey also highlights generational differences. Gen X and Millennials are maxing out cards at significantly higher rates than Baby Boomers, with 39% of Gen X and 42% of Millennials maxing out compared to 14% of Baby Boomers. Millennials and Gen X are also carrying the largest balances, with 35% of Millennials and 31% of Gen X reporting credit card debt exceeding $10,000.
Despite the financial pressure, 57% of respondents have never explored professional debt relief options such as credit counseling or debt management plans. Balance transfers and do-it-yourself strategies are more common than structured relief options. Dvorkin emphasized that education and aggressive debt management are immediate solutions, while legislative measures like a proposed 10% interest rate cap could provide future relief. Americans remain divided on the proposal, with 36% believing it is realistic and beneficial, while 24% say it is unrealistic.
The survey underscores the importance of Credit Education Month, encouraging consumers to review their APRs, evaluate debt-to-income ratios, and seek professional guidance. For more information on the 2026 Credit Card Survey or to view detailed generational data, visit Debt.com.
