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The number of American cardholders paying off credit card balances in-full each month continues to rise. The trend is largely attributed to aging baby boomers who have switched gears when it comes to credit cards. Meanwhile the average credit card debt per household is quickly approaching the $8,000 mark. According to CardData (http//www.carddata.com), 44% of cardholders, based on mid-year data, pay off each month to avoid interest charges. This compares to 43% at year end 1999 and 29% at year end 1990. The average credit card balance per household, among households with at least one credit card, now stands at $7,942 at mid-year. The compares to $7,564 for year end 1999 and $2,985 for year end 1990.
CONVENIENCE USAGE & CARD DEBT 1990 29% $2985 1991 31% $3223 1992 31% $3444 1993 33% $3601 1994 35% $4811 1995 38% $5832 1996 39% $6487 1997 40% $6900 1998 42% $7188 1999 43% $7564 2000 44% $7942
Convenience usage % of bank credit cardholders (VISA,MC,Discover,AmEx) paying off balances in-full each month; Card Debt outstanding balances for all credit cards including bank credit cards and private label credit cards, among U.S. households with at least one credit card. Source CardData (http//www.carddata.com)
