The use of credit card of course varies from one state to another. The exact number would obviously be different. Based on the number, we can then get good insight of how the borrowers’ behavior in that state. So, let’s take one certain state in this opportunity. If you want to know the average US credit card debt and the people’s behavior towards it, you have come in the right place. We will provide the information about the average credit card debt in US before going with the behavior.
Credit Card Use and the Debt Borrowers Carry
How much do you think the average US credit card debt? Before we talk about that, you need to know just how credit card use goes in that nation. United States is a big country. According to the record in 2018, it is said that there are up to 200 million people who use credit cards in US. It sure is a huge number. However, don’t get it all mixed up. It is not the number of the average US credit card debt. Just because they use credit cards, it does not mean that they have debt in their credit cards.
Based on the record, US residents who carry credit card debt are numbered as much as 122 million. Typically, the average credit debt per person is about $4,453. If it is per household, it would be about $8,683. Did you know? US total credit debt that is not paid full per month, is numbered as much as $542 billion. The average US credit card debt sure is high in number. It is a given considering how big US really is. Now, what can we conclude of this record then? We can see borrowers’ behavior here.
The Behavior of the Borrowers of Credit Cards
From the record of the average US credit card debt, we can see that many people in US show interest in using credit cards. However, more than half of the total borrowers are reported to have carried debt on their credit cards. US residents sure rely much on this financial service. How about their payment behavior? Are they doing well? Let us tell you the average US credit card debt in percentage for easier understanding. People have to pay at least the minimum payment monthly.
This is how it is supposed to be. However, there are people who don’t do such thing too. There are as much as 9% of the borrowers who pay less. The US debt borrower behavior shows there are up to 15% who make minimum payment properly. 20% of all borrowers pay within $50 of the minimum payment. 23% of them pay exactly $50 or more, while 33% pay in full each month. This behavior of average US credit card debt tells us enough that most of them are still responsible to pay their debt. There is small percentage of them that can’t do so.