Americans are continuing to pull out the plastic to cover their everyday purchases — but many have been struggling to meet off their monthly statements when the bills roll around.

In fact, 49% of credit cardholders are carrying a balance from one month to the next as of November, according to a recent Bankrate survey. That’s up from 31% in 2021 and 47% in July of last year.

What’s more, a whopping 58% — or 56 million — credit card users have been entrenched in debt for at least a year.

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Experts point to rising prices, which have exacerbated money struggles for many households, leading more consumers to rely on their credit cards to cover everyday expenses. According to the latest government data, America’s inflation rate ticked up 3.4% over the past year, fuelled by higher housing and energy costs.

"Inflation is making an existing trend worse," Bankrate senior industry analyst Ted Rossman told CBS MoneyWatch.

"We've been seeing this for a while, with more people carrying more debt for longer periods of time. It's moving in the wrong direction."

Why more consumers are being weighed down by debt

With U.S. credit card debt surpassing the $1 trillion mark last year, more consumers are feeling the strain on their wallets.

But while there have been reports of Americans spending big over the summer on things they enjoy, like travel, concerts and dining out, they aren’t necessarily racking up debt due to impulse purchases.

Around 43% of those in debt are actually carrying a balance due to an unexpected or emergency expense, such as medical bills, car repairs or home repairs, according to Bankrate. This could also back a wider trend around the savings rate receding and more folks living paycheck to paycheck.

Another survey from Forbes Advisor reveals more than 4 in 10 respondents have nothing left over from their paychecks after covering their expenses — and a stunning 77% report not having enough money in emergency savings to cover one month’s expenses.

Many Americans are being driven into debt by their emergency costs because they don’t have enough money banked in their savings — but here’s what you can do to prevent this from happening.

Budget for your expenses

Your groceries and gas might be taking up too much of your income to consider setting any aside — but it can be helpful to start recording your monthly expenses in an Excel spreadsheet or an app and budget for your needs.

Look for easy ways to cut costs, like getting rid of that gym or streaming service subscription you never use, or shopping around for a cheaper insurance rate on your car.

If you’re looking for a more tangible method of managing your money, you could even try the cash stuffing hack and take your paycheck in cash and divide it into different envelopes based on each spending category to prevent you from overspending. You can include designated envelopes for your savings and even discretionary purchases.

Read more: Millions of Americans are in massive debt in the face of rising rates. Here's how to take a break from debt this month

Pay off your debt

Paying off your monthly credit card balance is crucial if you want to avoid racking up more interest and debt — but the reality is that millions of Americans are carrying their balances forward.

If you want to get yourself out of that cycle, try the avalanche method, where you start with your highest interest debt, while making the minimum payments on your other credit cards or loans.

You can also try calling up your credit card issuer and ask for a lower interest rate. Keep in mind that you’re more likely to get approved if you have a history of on-time payments and a strong credit score to back you up.

Or, consider credit counseling, so a professional can evaluate your situation and put you on a personalized debt management plan

Build a rainy day fund

Handling an unexpected or emergency expense isn’t so bad when you’ve got some savings set aside to cover it.

While most experts recommend keeping three to six months’ worth of expenses in a savings account, if that seems like too lofty a goal, just start with small amounts at a time.

Perhaps it’s easier for you to start with saving $10 each month, or $100, while you work your way up at a pace that’s still manageable for your financial situation.

You can also consider opening a high-yield savings account, which could come with an interest rate higher than 5%, compared to the average savings account rate of 0.46%.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.