The coronavirus has put the brakes on the economic system. Nevertheless, many people nonetheless face due dates for funds on lingering bank card balances.

A brand new survey from CreditCards.com finds that 59% of bank card holders – or 110 million adults – entered the coronavirus pandemic and subsequent slowdown with bank card debt.

Lots of them – 56% – had been carrying that debt for at the very least one 12 months.

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The most typical causes cited have been medical payments, automotive repairs or residence upkeep, with 35% of respondents; adopted by day-to-day bills, with 26%. In the meantime, discretionary spending accounted for 31%.

"It is typically accountable stuff, however it's simple to get in," mentioned Ted Rossman, business analyst at CreditCards.com. "It is exhausting to get out."

Rates of interest could be as a lot as 25% or extra, which makes it more durable to pay...