Americans Cut Credit Card Usage and Debt
The economic downturn of 2008 sent many Americans running to credit cards to help cover their bills. Now, six years later, credit card use is declining.
According to a Gallup poll conducted in April, the average American only holds 2.6 credit cards now, compared to 2.9 in 2008. Among those that do have credit cards, the average number of cards owned is 3.7, the lowest number Gallup has seen since it began periodically measuring these financial habits in 2001.
The number of people who said they do not own credit cards at all has also declined, from 29% in 2008 to 22% in 2014.
The poll found 33% of credit card holders carry a balance from one month to the next, a record low since 2001.
The average credit card debt for Americans has gone down by $500 since 2008, if you factor in the people with no balance at all. That number sits at $2,426. Only 7% of the Americans surveyed said they currently have more than seven credit cards, down from 9% in 2008 and 11% in 2002.