Young Adults Singing "Credit Card Blues"

Slightly over 35% of all U.S. adults report that they are close to the credit limits on their personal credit cards, according to a national survey by Decision Analyst, Inc., a national marketing research company based in Arlington, Tex. "It's somewhat surprising to see so many consumers overextended on their credit cards during the peak of a strong economy," says Jerry W. Thomas, president/CEO of the company. "It's disconcerting to contemplate how bad the credit card debt problem would become if the economy should enter a recession."

Women are a little more likely than men (37.3% vs. 33%) to say that they are close to the limits on their credit cards. The 25-to-34 age group reports the highest level (43.1%) of "credit limit" blues.

"This is the "start-up time of life, when incomes are lowest and wishes the strongest," notes Thomas. "The 18-to-24 age group would have high credit limit problems except that many in this age group are not yet able to get credit cards. The 55-plus age group is least likely to be close to their credit card limits."

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