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How Many Credit Cards Are in Your Wallet?

BILLSHRINK HOW MANY CREDIT CARDS ARE IN YOUR WALLET? U.S. consumers are still struggling, but research shows that they are getting smarter with their cards Nationally, consumers are opening 26 percent fewer credit cards than they were three years ago 4.0 cards U.S. families 3.45 cards that spend more than 43% they earn Source: Federal Reserve OPEN CARDS Average number of cards by region 3.45 U.S. Average 3.50 3.21 (3.49 4.16 TODAY 2007 3.58 (3.98 ource: Experian (2.87 2.74 Source: Experian 3.27 Tsk-tsk, Nevada! Personal credit card debt DELIQUENCY RATEa.92% Average on the decline Source: BillShrink U.S. $7,489 $6,837 90-day bankcard delinquency rate O Less than 0.76% ● 0.76–1.0% O 1.01-1.25% 1.26-1.5% More than 1.5% August 2010 April 2009 Source: TransUnion CITIES WITH THE MOST CARDS CITIES WITH THE FEWEST CARDS Average balance Average number Average balance Average number of cards of cards Metro area Metro area $5,713 2.78 PHOENIX $6,058 NEW YORK 3.77 $5,989 2.83 PORTLAND, OR $6,045 PITTSBURGH 3.6 $6,152 2.94 TAMPA $6,066 BOSTON 3.49 $6,078 2.99 DALLAS $5,839 PHILADELPHIA 3.45 $6,610 3.04 SAN DIEGO $6,086 MINNEAPOLIS 3.39 $5,500 $6,000 Source: Experian CREDIT USAGE Do you know what the credit industry calls the good person who pays their bill in FULL every month: 35.3% U.S. Average 36.7%) 33.7% "a deadbe at" (33.1% 34.0% 37.8% 33.6% 34.9% 37.5% 35.5% The average percentage of debt owed compared to the credit limit on revolving accounts. Also known as balance-to-limit ratio. Source: Experian PAYING THE BILL Nearly 144 million Americans $24,000 have general-purpose credit cards Cost 35 million Americans pay only the MINIMUM to repay 24% that $8,000 at rate of required each month 18% interest 55 million Americans pay off their bill IN FULL each month 38% DEBT LOAD Source: PBS.org Total credit card debt DEBT PER In average American household CONSUMER ($24,775) Average All debt, not just credit-card debt 1. Seattle 2. Dallas $26,646 U.S. 3. Denver 11. Minneapolis 12. Detroit $26,599 More than 4. Atlanta $26,428 $25,115 $8,000 5. Phoenix $26,063 13. Sacramento $24,995 6. Houston $26,035 14. Chicago $24,826 $25,790 7. Washington, D.C. $25,702 15. Boston $24,781 8. Tampa 9. Philadelphia 16. Cleveland $24,670 $25,603 17. New York 10. Orlando $24,669 $3,000 $25,544 18. San Francisco $24,444 $24,429 $25,316 19. Miami 20. Los Angeles $24,334 $24,009 Source: Experian Citizens, In 1990 Today 25 years later Sources: CardWeb.com and MyVesta.org let's make this clear: Seattle ranks highest in terms of average debt but data also shows that Seattle's consumers have very few late payments and are not maxing out their cards. They are using their credit WISELY. $5,000 $5,500 $6,000 $6,500 $5,000 $6,500

How Many Credit Cards Are in Your Wallet?

shared by David on Mar 23
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Insights into the relentless world of credit cards. See delinquency rates, credit card rates and debt per consumer among others.

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Bill Shrink

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Economy
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