Statistics about US Consumers and their credit…
A recent study done by the credit reporting agency, Experian, shows some interesting statistics about U.S. consumer credit habits. The National Score Index study by Experian Consumer Direct examines consumer credit card use on both a statewide and a national level. The results show U.S. consumers are depending on their credit cards more than ever. Here are some of it’s findings:
- 51% of the U.S. population has at least 2 credit cards.
- US consumers have an average of 4 credit cards.
- About 14% of consumers have more than 10 credit cards.
- 1 out of 7, or 14.3% of consumers are using more than 50% of their available credit.
- U.S. consumers who use at least 50% of their available credit carry an average of 6.6 credit cards.
- Consumers with 50% or more of their credit card limit utilized have an overall average credit score of 645 compared to the overall national average of 674.
- The typical consumer has access to approximately $19,000 in total credit.
- 48% of consumers carry less than $5,000 of overall credit debt.
- 37% of consumers have total card balances in excess of $10,000.
“Using credit cards to purchase items now and pay them off over time is a convenient way for consumers to get the items they want or need that they may have never been able to afford if they had to pay in full at the time of purchase,” said Ty Taylor, president of Experian Consumer Direct.
“Although credit is convenient, consumers should keep in mind that good credit management means being able to pay on time each month and paying off debt in a reasonable amount of time. Maxing out credit cards may also have a negative effect on their credit score.”
For additional survey results, visit Experian’s National Score Index Web site at: http://www.nationalscoreindex.com/