Are you a balance carrier?
- No: 47%
- Yes, but only during a promotional rate period: 6%
- Yes, but only when necessary: 18%
- Yes, most of the time: 18%
- Yes, always: 10%
A few years ago, a statistic of $9,300 of credit card debt per American household was widely cited. However, this was misleading because nearly half of all credit card users do not carry a balance. Our survey showed that in 2009, the majority of cardholders do not carry a balance or only when the card has a low interest rate.
According to the January 2010 Federal Reserve study on consumer credit, Americans are carrying $874 billion in revolving debt, down from a high of $975.2 billion in the third quarter of 2008.