As U.S. collective credit card debt swelled to over $1 trillion in 2024, many Americans are now setting their sights on reducing personal debt in the coming year. The median U.S. credit card debt has risen higher than any other country in the world—nearly $6,000 per household, more than double that of second place, Japan.
A new survey has found that reducing personal debt is a top financial goal for many Americans in 2025. The survey also reveals a sense of optimism among respondents, who believe that paying down debt is achievable despite the financial challenges faced in recent years.
“The rising levels of credit card debt have been a significant concern,” said financial analyst Karina Mitchell. “However, the optimism for 2025 indicates that Americans are ready to take control of their finances and work towards a more stable economic future.”
Experts suggest that a combination of improved financial literacy, budgeting strategies, and a recovering economy may contribute to this positive outlook. With the new year approaching, many are hopeful that 2025 will mark a turning point in personal debt management across the United States.
Reference(s):
cgtn.com
