Wealth Watch Midyear Outlook: Americans Adjust Spending Strategies to Cope with Inflation, Make Progress on Debt Management

NEW YORK–(BUSINESS WIRE)–New York Life’s latest Wealth Watch survey finds that inflation and credit card debt continue to present challenges for everyday Americans, despite some progress. Forty-three percent of adults report having credit card debt, consistent with the 42% of adults who reported having credit card debt at the end of 2023. On average, adults with credit card debt owe $6,408.39 and contribute $445.27 per month to pay it off, an improvement from the $7,931.80 owed on average at