GoKawiilLendingTree: 41% of Credit Cardholders Pay Only the Minimum Each Month
A LendingTree survey of over 1,500 credit cardholders found that 41% typically pay only the minimum due on at least one card, a habit that jumps to 58% among Gen Z but falls to 19% among Baby Boomers. The average indebted U.S. cardholder carries a balance of $7,756, and 44% of respondents said they don't know the interest rate on their cards.
GoKawiil's interpretation of the reporting above, not reported fact.
Paying only the minimum keeps an account in good standing but barely reduces principal, letting interest compound and stretching repayment for years while adding significant extra cost. The fact that nearly half of cardholders don't know their own interest rates suggests widespread financial literacy gaps that compound the risk of long-term debt entrapment.
- 41% of U.S. cardholders pay only the minimum on at least one card monthly.
- Gen Z cardholders are far more likely (58%) to follow this habit than Baby Boomers (19%).
- 44% of cardholders don't know their card's interest rate, complicating debt payoff decisions.
The Total Money Makeover by Dave Ramsey — If you're among the 41% making only minimum payments, this classic get-out-of-debt guide lays out a step-by-step plan for attacking balances instead of treading water. Its debt snowball approach gives you a concrete order for paying cards off rather than guessing each month. A practical companion for anyone staring down a four-figure credit card balance.
See The Total Money Makeover by Dave Ramsey on Amazon → Affiliate link — we may earn a commission on purchases, at no extra cost to you. Product picked by AI based on this article; it is not a tested recommendation.Source: entrepreneur.com — Sherin Shibu, 2026-08-28
Published there as: “This Is ‘One of the Worst’ Strategies You Can Follow With Your Credit Card, and Over 40% of Cardholders Do It”
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