WEST PALM BEACH, Fla. — A new "Credit Card Debt Burnout Study" highlights how much people equate credit card debt to quicksand.
Freedom Debt Relief polled more than a thousand people who carry a monthly credit card balance. Seventy-two percent of cardholders said they paid down their monthly balance only to watch it rise again.
Sixty percent of those polled said they felt trapped on a revolving debt merry-go-round, and 58% said credit card debt is the source of significant stress and anxiety.
WATCH: Credit card holders reveal finding little relief in paying down monthly debt
According to the survey, as costs continue to climb, many Americans agree their credit card debt feels like a permanent monthly bill they might never escape.
Freedom Debt Relief identified Gen Z as the generation most likely to only make the minimum payment on their credit card each month.
Read the full study here.
