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.
Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.