Are you a balance carrier?3 of 8Survey resultsNo: 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.<< Back to the 2010 Credit Card Guide table of contents. Related Articles:What is the best credit card?Find the best credit cardShould you transfer a balance?Plastic Rap blogRelated Links:8 benefits of new credit card lawHow to compare rewards cardsHow can I improve my credit score?Should you get a secured card?advertisement
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.
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A little research could save you BIG on interest.