Seeing how there’s a huge influx in the number of people placing confidence in “plastic wallets,” credit card statistics can help us better understand these cashless payments to keep ourselves financially afloat.
In the face of an impending coronavirus-induced economic doom, the behavior of economic trends (both current and old) are at the very center of attention for many an individual. With each passing day, the global economy is becoming increasingly unstable, and with that credit card debt is spiraling more and more out of control — hence why credit card statistics can be such a useful tool in uncovering all the latent problems behind “plastic money” and its use. In this article, we will focus on presenting both global and US facts and stats regarding this topic, including data concerning general credit card usage, global circulation, debt figures, fraud cases, trends, and more.
Read on to improve your chances of economic survival and avoid the “gravity of debt” by going over these insightful stats and facts!
Top 10 Takeaway Credit Card Statistics & Facts
- China-based UnionPay is the biggest credit card provider in the world.
- In 2017, 19.4% of people older than 15 owned a credit card.
- Visa is the most popular US credit card, counting 124 million users in 2018.
- The average American owns 3 credit cards.
- There are some 180 million credit card holders in the US.
- Around 1 in every 6 dollars spent via payment cards comes from business credit cards.
- College students have an average credit card debt of $1,423.
- The US suffers a yearly loss of $16–$20 billion due to credit card fraud.
- Millennials had the lowest credit card debt in 2019 of all age groups.
- There’s an increase in non-cash payments due to the coronavirus outbreak.
There’s no doubt about it, the US is the world leader when it comes to the economy. Yet, figures keep revealing a dirty little secret — credit card debt; a financial burden that an increasing number of American cardholders are dragging over the years.
Keeping the upcoming economic instability in mind, there’s still a lot that can be done in terms of reducing the national credit card debt.
Seeing how there’s a huge influx in the number of people placing confidence in “plastic wallets,” credit card statistics can help us better understand these cashless payments to keep ourselves financially afloat.
This excerpt is republished with permission from Capital Counselor. For the full article, click here.
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