43% of Americans plan to go into debt soon

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Experts weigh in on how to pay off the debt.”,”crops”:[],”height”:1920,”imageSize”:”article-featured-image”,”lazyload”:true,”lqipSrc”:”https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?quality=60&resize=60,40″,”postId”:3333816,”retina”:true,”showCaption”:true,”sources”:[{“transforms”:{“resize”:[750,500]},”descriptor”:750,”media”:{“min”:”lg”}},{“transforms”:{“resize”:[500,333.34]},”descriptor”:500,”media”:{“min”:”md”}},{“transforms”:{“resize”:[375,250]},”descriptor”:375,”media”:{“max”:”md”}}],”sourceTags”:[],”src”:”https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg”,”srcset”:”https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=1500,1000 1500w,https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=750,500 750w,https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=1000,666 1000w,https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=500,333 500w,https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=750,500 750w,https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg?resize=375,250 375w”,”url”:”https://content.fortune.com/wp-content/uploads/2022/07/Americans-Debt-GettyImages-526935764.jpg”,”useBasicImg”:false,”usingDataFallback”:false,”width”:2880,”credit”:”C.J. Burton—Getty Images”,”fallbackImageUrl”:”data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7″,”picture”:false,”sizes”:”(min-width: 64rem) 750px,(min-width: 48rem) 500px,(max-width: 48rem) 375px,100vw”},”children”:[]}]},{“name”:”article-body”,”config”:{“mediaType”:”image”,”premiumCategory”:”F-Search”,”primaryTopic”:”credit card debt”,”topics”:[{“term_id”:352277,”name”:”Auto Loans”,”slug”:”auto-loans”,”term_group”:0,”term_taxonomy_id”:48340,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:15,”filter”:”raw”},{“term_id”:30207,”name”:”Budget”,”slug”:”budget”,”term_group”:0,”term_taxonomy_id”:111612,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:54,”filter”:”raw”},{“term_id”:14583,”name”:”credit card debt”,”slug”:”credit-card-debt”,”term_group”:0,”term_taxonomy_id”:127055,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:18,”filter”:”raw”},{“term_id”:22790,”name”:”Debt”,”slug”:”debt”,”term_group”:0,”term_taxonomy_id”:50423,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:172,”filter”:”raw”},{“term_id”:6631,”name”:”Federal Reserve”,”slug”:”federal-reserve”,”term_group”:0,”term_taxonomy_id”:47004,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:826,”filter”:”raw”},{“term_id”:65185,”name”:”Home Loans”,”slug”:”home-loans”,”term_group”:0,”term_taxonomy_id”:111821,”taxonomy”:”post_tag”,”description”:””,”parent”:0,”count”:9,”filter”:”raw”}]},”children”:[{“name”:”gutenberg-content”,”config”:{},”children”:[{“name”:”html”,”config”:{“content”:”u003cdiv class=”plea-block with-bottom-border”>nu003cp>Sign up for the u003cem>u003ca href=”https://mynewsletters.fortune.com/fortune-features”>Fortune Featuresu003c/a>u003c/em> email list so you don’t miss our biggest features, exclusive interviews, and investigations.u003c/p>nu003c/div>n u003cp>The cost of borrowing is increasing, but Americans aren’t slowing down their spending.u003c/p> u003cp>Forty-three percent of Americans expect to take on new debt in the next six months, according to a u003ca href=”https://www.lendingtree.com/debt-consolidation/dealing-with-debt-survey/”>new LendingTree surveyu003c/a> that polled over 1,000 U.S. consumers. But Americans aren’t spending frivolously: most are going into debt over necessities like a u003ca href=”https://fortune.com/2022/06/17/how-does-the-fed-rate-hike-impact-homebuyers/”>houseu003c/a> or car (30%), unexpected emergencies (26%), and healthcare expenses (25%). u003c/p> u003cp>It’s not good timing. The Federal Reserve u003ca href=”https://fortune.com/2022/06/16/dow-drops-over-800-points-sp-500-inflation-recession-rate-hikes/”>raised the federal funds rateu003c/a> by three-quarters of a percentage point in an attempt to tame the worst inflation since the early 1980s. Lenders raised their rates as well, making borrowing more expensive in an attempt to halt Americans’ extra spending. u003c/p> u003cp>This means that those who don’t plan to curb spending could face a higher credit card bill in the next half of the year if they carry a month-to-month credit balance. It may take one to two billing cycles to see the effect of the increase in the Annual Percentage Rate (APR), which is the yearly interest rate paid by consumers, reports LendingTree’s chief credit analyst u003ca href=”https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/”>Matt Schulzu003c/a>.u003c/p> u003cp>Millennials (56%) and Gen Zers (55%) expect to take on more debt in the second half of 2022 than older consumers, the survey found. Less than half (41%) of Gen Xers expect to accumulate debt, and only 21% of baby boomers do. This generational gap could be due to a fifth of Gen Zers taking on u003ca href=”https://fortune.com/2022/07/06/biden-administration-federal-student-loans-huge-changes/”>student loansu003c/a> in the fall semester.  u003c/p> u003cp>But student debt only accounts for 20% of debt owned by Americans, according to the survey. u003ca href=”https://fortune.com/2022/02/08/credit-card-debt-fastest-growth-22-years-holiday-shopping-new-york-fed/”>Credit card debtu003c/a> is the largest debt category at 70%, but it often has high interest rates and low minimum payments, causing Americans to shell out a lot of interest over time. u003c/p> u003cp>Consider a balance of $5,000 on a credit card with 18% interest and a minimum payment of $100. By making only the minimum monthly payment, it would take seven years and 10 months to pay off the balance and an additional $4,311.11 in interest. u003c/p> u003cp>The interest payment nearly doubles the amount owed to credit lenders. That’s likely why only 23% of Americans surveyed say they choose to tackle debt by only paying the minimum balance. u003c/p> u003cp>Almost half of respondents preferred sticking to a strict budget to avoid paying high interest. Over a third say they put all of their extra funds towards paying down their debt, also known as the debt avalanche repayment method. u003c/p> u003cp>When paying down debt, experts say starting with a u003ca href=”https://fortune.com/videos/watch/inflation-is-forcing-americans-to-rework-their-budgets/fb56d19f-907f-4a29-98b1-8dfe04807cb1″>budgetu003c/a> can help you gain a handle on your household finances. Once you know how much money is coming in and out, you can start setting aside funds for savings and eliminating debt. But it’s also important to surround yourself with a support system because frankly “paying down debt sucks,” u003ca href=”https://www.lendingtree.com/debt-consolidation/dealing-with-debt-survey/”>saysu003c/a> Schulz. u003c/p> u003cp>Borrowers can avoid falling into debt over the next six months by u003ca href=”https://fortune.com/2022/07/14/personal-finance-inflation-recession-survival-guide-2022/”>budgeting for emergency expensesu003c/a>, waiting to take on new debt like a car or mortgage loan, and continuing to pay off credit card bills in full each month. 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