Struggling with credit card debt? Wealthy Americans and Gen Xers are, too

Jessica Menton | USA TODAY

Show Caption Hide Caption Is there a 'right' amount of credit cards to have? According to TransUnion, the average American has 2-3 credit cards. But what's right for you is based on your ability to manage debt.

A six-figure net worth may come with some strings attached.

About 46% of U.S. adults with a net worth of at least $100,000 are more likely to have credit card debt, compared with 40% of those who have a negative net worth, according to a new Bankrate survey. Surprisingly, 57% of those with a net worth between $100,000 and $199,999 are the most likely to carry credit card debt versus 42% of all Americans.

Three culprits are to blame, experts say, ranging from lifestyle creep, which refers to a rise in spending as wages increase, better access to credit and lack of liquidity.

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“People with more assets and higher incomes have more access to credit and some are getting into trouble with credit card debt,” said Ted Rossman, credit card analyst at Bankrate.com. “A lot of them are finding that they don't have as much money to spread around as one might think.”

Those with substantial net worth don't always have liquidity, Rossman said. Some, for instance, may have their net worth tied to their home, which could be difficult to access.

The data reveals that people are still getting into debt even if they’ve amassed substantial wealth on paper.

About 77% of Americans with a net worth of $100,000 or more have some amount of debt, led by credit cards, mortgages and car loans or leases, the study showed. Among those who have credit card debt, 58% owe at least $2,500 and 39% owe at least $5,000.

Not surprisingly, debt begins to wane as net worth rises. Roughly 46% of those with a net worth between $200,000 and $1 million carry credit card debt. Meanwhile, U.S. adults worth more than $1 million are the least likely to carry credit card debt.

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Gen X gets squeezed

One generation is feeling the heat more than their millennial and baby boomer counterparts. Generation X is the most likely group among U.S. adults to carry some type of debt, according to the survey.

“Gen Xers are getting squeezed,” Rossman said. “They're living expensive years right now in their 40s and 50s with kids in college or taking care of their elderly parents.”

Experts recommend paying off credit card debt as soon as possible to avoid risking financial stability. Credit card rates generally range from 17% to 25%, more than what investors can expect to earn in the stock market, they said.