Increasing Numbers of Americans Getting Trapped in Credit Card Debt

‘This is just a sign that consumers are feeling some distress,’ Bankrate analyst Sarah Foster said.

A study says that credit cards often make the wealthy wealthier and those who are less fortunate more in debt. Spencer Platt/Getty Images

Rising prices and higher interest rates are trapping many Americans in expensive credit card debt, a new report states. 

According to a survey released Thursday by Bankrate, a financial analytics firm, 37 percent of American credit card holders have maxed out or nearly maxed out on their card limits since the Federal Reserve began raising interest rates in March 2022.