Statistics on credit cards

Statistics on credit cards in the US are intriguing, with the overall picture of credit card use not being as grim as is sometimes portrayed.

For example:

1. Approximately 30% of US households pay their monthly balances in full each month.

2. The majority of US households have no credit card debt.

3. 25% of US household do not have credit cards.

4. The average US household pays their bills on time. Over 50% of all consumers have NEVER been reported for late payments.

5. Approximately 40% of credit card users carry a balance of less than $1,000, despite the fact that the typical card holder has access to around $19,000 on all credit cards combined.

6. Myfico.com report that the average consumer has only one credit inquiry on his or her accounts over the year.

See more of Myfico's statistics on credit cards. Wikipedia also has interesting credit card debt statistics.

Only half of American consumers are happy with their current primary card, with 50% actively seeking a better credit card deal.

Sadly, some statistics on credit cards use are concerning, although there are different figures reported so the picture is not clear:

1. According to MSN Money, 8.3 percent of households owe $9,000 or more on their cards.

2. Around 14% of US families use 50 percent or more of their available credit.

3. The Federal Reserve has found that 1 in 6 households pay only the minimum due every month on their cards.

4. Myfico.com report that 15% of credit card users have total card balances in excess of $10,000.

5. 29% percent of low and middle income households claim medical expenses contributed to their current credit card balances.

6. According to the Federal Reserve, total credit card debt in the US is over $905 billion.

On average, purchases made with credit cards are for a larger amount than when people shop with cash or debit cards.

Also interesting is the way patterns in credit card use change. For example, in the last 5 years, the number of cardholders who use cards for card rewards and airline miles are up 23%.

For the majority of consumers, the absolute greatest factor in choosing a card is finding a competitive deal with a low interest rate.

Statistics on credit cards are fascinating, and can be surprising. Visit Average FICO Score to discover more.

In particular, check out the average American FICO score page! The FICO score statistics can also be read in a positive or negative light. The same pattern emerges - most people are doing well on their credit, but those who need credit repair really need it!

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