Americans Rely Less on Credit Cards Than in Previous Years

April 25, 2014
Gallup Economy 
credit card news
Americans are carrying less credit card debt overall, own fewer cards, and are more likely now to say they always or usually pay their full balances every month, according to a new Gallup survey.

Sixty-four percent of U.S. consumer always or usually pay the full amount of their credit card balance, the highest figure the polling firm has recorded. The number of credit cards Americans say they own is, on average, lower than it has been since Gallup began asking about this segment of financial life. The 29 percent of Americans who do not own any credit cards, meanwhile, is up from 22 percent in 2008. Overall, Americans have an average of 2.6 cards, the lowest number Gallup has recorded. This suggests that credit cards might not be as vital a financial tool to individuals as they had been in the 1990s and 2000s, when Americans often used their credit cards to make ends meet.

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