What is ‘Credit Card Debt’
Credit card debt is a type of unsecured liability which is incurred through revolving credit card loans. Borrowers can accumulate credit card debt by opening numerous credit card accounts with varying terms and credit limits. All of a borrower’s credit card accounts will be reported and tracked by credit bureaus. The majority of outstanding debt on a borrower’s credit report is typically credit card debt since these accounts are revolving and remain open indefinitely.