Few Americans have $0 credit card balance every month, survey finds
As credit card debt among Americans continues to grow and paying with plastic becomes more commona new survey on the use of credit cards Lantern by SoFi says only 13% of respondents have a $0 balance month over month.
The most common credit card balance people carry ranges from $1 to $2,500, with 40% of people reporting carrying this amount monthly. A small percentage (7%) reported having a balance of $10,000 or more.
SoFi also reported that women were 1.5 times more likely to have a zero balance on their card than men. In fact, 16% of women said they had “no regrets” about their credit card purchases.
If you have credit card debt and need help paying it off, consider getting a personal loan. This allows you to access the funds you need at a lower interest rate. Visit Credible to find your personalized interest rate without affecting your credit score.
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Americans are placing more of their purchases on credit cards
Nearly three-quarters of all purchases are placed on 38% of respondents’ credit cards, according to the survey. Additionally, 15% of those same respondents said their card spend specifically applied to at least 91% of their purchases.
Another 29% said that at least half of their expenses are paid by credit card.
A personal loan can help you if you are looking to consolidate and pay off your credit card debt. Use an online marketplace like Credible to ensure you get the best rate and the best lender for your needs.
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Don’t memorize your card number – here’s why
Although you might think that memorizing your credit card number might make shopping faster and easier, you might want to think again. SoFi’s survey showed that people who have their card number memory clerks have higher debt levels.
In fact, about 41% of survey respondents who had their card number memorized reported a monthly balance of at least $5,000. By comparison, 46% of those who didn’t know their number by heart had a monthly balance between $1 and $2,500. And, only 5% of people who memorized their card number reported a $0 balance each month.
Many people later said they regretted using their credit card, especially when it came to buying food, gas, vacations and cars.
A personal loan can be useful to help pay off high interest credit cards and get a lower interest rate. You can compare rates from multiple lenders at once by visiting Credible.