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5 surprising stats about credit

'Most' households don't carry credit card debt
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Many households carry credit card balances instead of paying in full, but the practice may not be as widespread as you think. About 46 percent of American families revolve a credit card balance month to month, a proportion that has remained nearly unchanged since 2004, according to the Federal Reserve Board's Survey of Consumer Finances for 2007. For those carrying a balance, the average amount increased 30.4 percent to $7,300.

About 40 percent of credit card holders carry a balance of less than $1,000, according to myFICO.com.

Most people aren't maxing out their cards and then paying them off, either. According to FICO, "more than half of all people with credit cards are using less than 30 percent of their total credit card limit."

Tip: If you are struggling to pay your credit card bills, consider these 15 signs you might need credit counseling.


 

 

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