Too much credit cards?

Gallup Poll Results:

  • 43% of Americans pay in full
  • 17% usually pay full amount
  • 25% usually leave balance
  • 12% usually pay minimum amount
  • 42% carries no balance
  • 8% carries $500 or less in balance
  • 6% carries $500 to $1,000 in balances
  • 6% carries $1,000 to $2,000 in balances
  • 11% carries $2,000 to $5,000 in balances
  • 10% carries $5,000 to $10,000 in balances
  • 9% carries more than $10,000 in balances

It’s not too bad really. A recent Gallup poll reveals that forty-three percent of American credit-card holders pay their balance in full each month, while another seventeen percent usually pay their balance in full.

A large number of us always pays in full or usually will.

The survey also shows that those who usually leaves a balance have declined in number, from 31% in 2004 to about 25% in 2008. Always a good sign to see that people are using credit more wisely.

A large number of us carries little to no balance.

In the credit card balance portion of the survey, 30% of Americans still holds a balance of more than $2,000, with 19% reporting a balance of more than $5,000 and 9% more than $10,000. You can see the full result and read the commentary at Gallup’s website.

Results from survey like these and comments left on CNN’s article seems to show that people are either: fully responsible when it comes to credit cards; woefully behind; had bad experiences and never went back; or learned from mistake and decided to use credit wisely.

For me, my credit card usage remains the same compare to years ago when I was in debt — 98% of the time I’ll pay with a credit card. Except these days, I’ll actually have money to pay for the crap I buy. It was surprisingly easy to do once I started spending within my means. *gasp!*

What’s your credit card usage history? Always pay in full? Cut it up and never use again? Freeze it up in fridge and melt for emergencies only?

Creative Commons License top photo credit: k9ine

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