FORT WASHINGTON, PA — More than half of U.S. homeowners carry credit card balances from month to month, forcing many to cut spending and savings even as mortgage borrowers remain largely confident in their ability to keep making housing payments, according to a Newrez survey.
Among homeowners carrying credit card debt, 59% reported that it negatively affects their financial situation and 84% indicated that eliminating the debt would provide significant relief.
The strain is extending beyond household balance sheets. About 51% reported losing sleep over their finances, 67% feel financially overwhelmed at least sometimes and just 48% feel in control of their finances most or all of the time.
About 71% of homeowners with revolving card balances cut spending or saving during the past year because of the debt. That included 41% who reduced travel, leisure or other discretionary spending, 37% who cut everyday expenses such as groceries and 36% who reduced contributions to savings or emergency funds.
Mortgage payments, however, remain a priority. Among respondents with both a mortgage and credit card debt, 89% were confident they could keep up with mortgage payments and 90% ranked the mortgage ahead of most other bills.
Three-quarters of homeowners with card debt characterized their balances as manageable, while 84% considered paying them off a high priority.
“Homeowners are carrying a heavy financial load right now, but their belief in homeownership hasn’t wavered,” Newrez Chief Commercial Officer Leslie Gillin stated.
The survey also found 89% of homeowners carrying credit card debt view homeownership as providing stability, while 84% consider owning a home one of the best ways to build long-term wealth.
More than half of homeowners with credit card debt, or 52%, explored consolidation options such as personal loans and home equity products during the previous year.
Among respondents familiar with the products, 71% viewed personal loans and home equity loans as effective debt-repayment tools, while 69% held that view of home equity lines of credit.
Newrez illustrated the potential cost difference using an average credit card balance of $6,519 and rates cited from Bankrate as of July 1. At a 12.41% average rate, a three-year personal loan would require payments of about $218 a month and generate slightly more than $1,300 in interest, according to the company’s example.
Making the same monthly payment on a credit card carrying the cited average 19.57% rate would take about six months longer and generate nearly $2,500 in interest. The comparison is illustrative and depends on the assumed rates, balance and repayment schedule.
The $6,519 average credit card debt per borrower was based on first-quarter 2026 data from TransUnion.
Morning Consult conducted the online survey for Newrez from June 12 through June 14 among 2,203 U.S. adults. The overall sample was representative of the U.S. general population and included 486 homeowners who carry a credit card balance from month to month.
The total sample had a margin of error of plus or minus 2 percentage points.
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