Credit cards: how do we use them?Posted by in Research Findings
Did you know that 1 of 2 credit card users carry an outstanding balance on his/her credit card every month?
A recent survey conducted by MaCorr Research reveals that 50% of credit cards users in North America carry a monthly outstanding balance of close to $1,700 on average.
An average North American credit card user has 3 credit cards, but uses only 2.
36% of his/her total household spending is paid by credit cards. As oppose to debit cards, cash or checks, credit cards are a preferred payment type for travel and expensive purchases.
The favorable characteristics of credit cards are convenience and cash rewards they provide. Only 25% of the respondents use credit cards to postpone payments or get short term loans.
9 out of 10 credit card users agree that it is their responsibility not to borrow beyond the means.
When choosing a credit card, security and the absence of annual fees seem to be the deciding factors.
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