Experian releases credit card usage study
Experian Consumer Direct, the leading provider of online direct-to-consumer credit reports and products, today announced the results of a nationwide study on consumer credit card usage.
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Nationwide and statewide results can be found on Experian's National Score Index site at: www.nationalscore.com
- U.S. consumers have an average of 3.2 credit cards
- Approximately 46 percent of the U.S. population have at least two credit cards and approximately 10 percent of the U.S. population have more than 10 credit cards
- More than 16 percent of the U.S. population use at least 50 percent of their available credit
- U.S. consumers who use at least 50 percent of their available credit carry an average of 4.6 credit cards
- The national average credit score for those with credit card utilization of at least 50 percent is 631 compared to the overall national average of 678
"Credit cards are a convenient way for consumers to purchase items now and pay them off over time," said Charles Chung, vice president of consulting and analytics for Experian. "However, if mismanaged, credit cards can get consumers into an unmanageable financial situation that can have a negative effect on their credit rating and as a result, future credit will come at a higher price or they may even be denied credit."