For many people, checking a credit card statement comes with a familiar tension before the monthly charges are revealed. That feeling is becoming more common and is now shared by many Americans, according to a new survey of 1,000 U.S. credit card users.
Credit One Bank surveyed consumers who each hold at least one personal card, and the results show a sharp gap between behavior and emotional well-being.
More than three-quarters of respondents reported that carrying a credit card balance from month to month creates anxiety for them, yet millions do it anyway.
Credit One Bank survey reveals rising emotional strain among cardholders
Carrying a credit card balance from month to month creates anxiety for 77% of U.S. consumers, a new Credit One Bank survey found.
The figure captures a cardholder population stuck between financial necessity and emotional distress, with no clear exit visible for millions of people.
The anxiety data becomes more troubling when you compare it with balance-carrying rates across generations in the same survey of U.S. consumers.
Among millennials, 60% reported carrying a balance at least once during the past 12 months, the highest rate among the four generations surveyed.
Gen X followed at 59%, Gen Z came in at 52%, and boomers reported the lowest balance-carrying rate at 37%, according to the survey.
Millennials shoulder the heaviest credit card burden during peak spending years
Millennials now range from their late 20s to mid-40s, a stage of life often marked by mortgages, child care costs, and rising everyday expenses.
Faced with these overlapping financial pressures, many millennials rely on credit cards to bridge the gap between their income and everyday expenses.
Bankrate’s 2026 Credit Card Debt Report found that 47% of U.S. credit cardholders have credit card debt, while 52% of those borrowers do not have a plan to pay it off.
The research supports the Credit One Bank findings, providing additional detail on how deeply card debt affects daily decision-making across income levels.
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Close to two in three debtors reported delaying financial decisions because of their balances, including emergency savings and investments, according to Bankrate’s 2025 Dealing With Debt Survey.
Howard Dvorkin, a Certified Public Accountant and Chairman of Debt.com, offered a pointed assessment of consumers who carry five-figure card balances in a separate analysis.
“We aren’t just looking at a budgeting issue; we’re looking at a financial emergency,” said Howard Dvorkin, CPA, chairman of Debt.com, in a 2026 survey release.
The share of Americans carrying card balances above $10,000 rose from 23% in 2025 to 29% in 2026, the survey found.
Credit card spending climbs for nearly half of Americans in two years
Almost half of U.S. consumers (49%) told Credit One Bank that their credit card usage has increased over the past two years. The increase varies significantly by gender: 56% of men reported higher usage, compared to just 42% of women in the same survey period.
Rising everyday costs explain much of the trend, as credit cards fill the growing gap between what households earn and what daily life demands.
While some discretionary spending may be delayed, essential expenses like gas, groceries, and utilities can’t be avoided,” Jennifer Oliver, President and CEO of Rize Credit Union, told CBS News. “When inflation outpaces income growth, many people turn to credit cards to cover the gap, resulting in balances creeping up month after month.”
Total U.S. credit card debt reached $1.252 trillion in the first quarter of 2026, the Federal Reserve Bank of New York reported.
That total remains 5.9% above the same quarter one year earlier, even after a seasonal post-holiday decline in consumer spending on credit cards.
Income shapes why cardholders use credit cards
Among consumers earning $50,000 or less, 37% told Credit One Bank that building credit history or score is the top reason they carry a card.
Meanwhile, 38% of consumers earning $150,000 or more said rewards and cash back are the biggest reasons they use credit cards.
Rewards cards can be a great tool for consumers to optimize their spending, but it can be easy to get carried away. This is especially important for Gen Z who are earlier in their financial journey and likely still working to establish and build credit
The difference shows how income affects people’s use of credit cards. Lower-income consumers focus on building credit, while higher-income consumers are more interested in rewards and extra value.
Cash back dominates reward preferences across all demographics, with 68% of respondents saying it is very appealing for their main credit card.
America’s credit card reality
While many consumers rely on credit to manage everyday expenses and build financial standing, a large share also reports growing anxiety tied to monthly balances and debt.
The Bankrate data highlights a broader divide in how Americans interact with credit, shaped by income, generation, and financial priorities.
From younger users turning to credit for access and guidance to higher earners leveraging rewards, the role of credit cards continues to evolve alongside rising costs and persistent inflation pressures.
However, rising debt levels and limited repayment plans suggest that, for many households, credit is no longer just a financial tool but a source of ongoing pressure that shows little sign of easing.
