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If you take the time to research, there are scads of stunning credit card statistics out there. Keep reading to learn more about five of them. They may really surprise you!
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5 Stunning Credit Card Statistics
Credit cards. They're everywhere, and they come in all shapes and sizes. You've got your Visa, your MasterCard, your American Express…the list goes on and on. But how much do you really know about them? Here are five stunning credit card statistics that will make you think twice before reaching for that plastic next time you're at the store.
1. Rewards Not Redeemed
It stands to reason that consumers choose “reward” credit cards, to get the rewards. However, as many as three out of ten of these same consumers never cash in their rewards. This means they’re missing out on travel perks, food, gas and more!
2. Annual Interest
Statistics gathered in 2017 show that the average household pays a little over $900 annually in credit card interest. Honestly, that’s a lot of money when you think about it, which could be spent on so many important things.
What’s worse is the fact that consumers who only pay their minimum balance each month will see the interest amount grow and grow!
3. The Responsible Midwest
If you reside in the Midwest, most especially near the Great Lakes, chances are higher that you’re a responsible credit card user. Specific reasons for this aren’t totally clear. But, data indicates this fact is generally true.
4. Keeping Up with the Joneses
You’re probably familiar with the phrase “keeping up with the Joneses.” It’s been around for quite some time and is apparently something consumers are still trying to do, no matter the debt they incur.
Statistics indicate that close to 40 percent of millennial’s have, at one time or another, irresponsibly spent money just to keep up with their friends and acquaintances. The moral of the story? Don’t do it!
5. In the Millions
In 2016, a whopping 110 million new credit cards were issued. That translates into a ton of interest, making banks and other credit card issuers very happy campers. This number is approximately 50 percent higher than it was only six years before.
These are just five somewhat stunning statistic, when it comes to credit card usage. Can you relate to any of them? More importantly, do you feel you have your credit situation under control?
