Tags: Gallup | pay | credit card | consumer spending

Gallup Poll: Americans Cutting Up Their Credit Cards, Reducing Debt

By    |   Monday, 28 April 2014 10:24 AM

Our nation apparently has become more austere when it comes to using credit cards.

Americans on average now have 2.6 credit cards, down from 2.9 six years ago, before the financial crisis, according to a Gallup survey of 1,026 adults. http://www.gallup.com/poll/168668/americans-rely-less-credit-cards-previous-years.aspx The latest figure represents the lowest since Gallup began tracking credit card use in 2001.

A total of 29 percent of those polled don't have a credit card, up from 22 percent in 2008. Meanwhile, only 7 percent say they have seven or more cards, down from 9 percent six years ago.

In addition, 48 percent of the credit card holders polled say they pay their balance in full every month, a record high and up from 43 percent in 2008.

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A total of 33 percent of card holders say they have an unpaid balance each month, a record low and down from 38 percent six years ago.

Americans on average have $2,426 in credit-card debt, a record low and down from $2,941 in 2008.

"Americans are less reliant on credit cards than in the past," writes Gallup's Art Swift. "This suggests that credit cards might not be as vital a financial tool to individuals as they had been in the 1990s and 2000s."

Jason Steele ranks the top-three cashback credit cards on Credit.com. http://blog.credit.com/2014/04/the-best-cash-back-credit-cards-in-america-79357/
These are cards that give you cash as a reward for racking up charges on the card. Fidelity Investments Reward American Express card placed first, followed by Quicksilver Cash Rewards card and American Express Blue Cash Preferred card.

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Our nation apparently has become more austere when it comes to using credit cards.
Gallup, pay, credit card, consumer spending
278
2014-24-28
Monday, 28 April 2014 10:24 AM
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