When you swipe your credit card, you're usually guided by one of two rationales: convenience or reliance. Just 35 percent of U.S. credit card holders pay their balances in full each month, according to a study released by the Boston Fed, whereas the remaining majority accumulate revolving debt, averaging $4,717.
Essentially, we fall into two camps: those who swipe for rewards or ease, and those who swipe out of necessity.
For the most part, credit card debt is cyclical. Average household credit card debt tends to fall around tax season, as taxpayers put their refunds toward their balances, while the holidays create an uptick in household credit card burden, according to the Motley Fool.