It seems like everyone has a credit card and they’re all using them. Is cash going away? In this article, Freedom Financial Network shares some interesting usage behavior of responsible credit card users.
The number of credit cards in use in America from the four major providers, which include VISA, MasterCard, American Express and Discover, are 636 million, according to wallethub.com. As of 2016, the US population was 323 million. Statistically, that’s nearly 2 credit cards for every US citizen.
How responsible are we today with our credit cards? In 2009, the percentage of American households carrying credit card debt from month to month was 44%. In 2014, that number dropped to 34%.
This shows that consumers aren’t letting their credit card debt accumulate with high interest every month.Continue reading