Average Number Of Credit Cards

Do know the average number of credit cards per household in the United States?
 
    
What about the average number of credit cards issued by Visa and MasterCard? Have you any idea how much debt an average household has for all credit cards they have? Let’s play facts and figures this time. Creditcards.com released a credit card statistics report that is collected and collated from major card issuers and research firms in the United States. These staggering numbers will show how dependent we are on this little plastic card.

Between December 2008 and June 2009, the average number of credit cards in circulation in the United States is 631.1 billion. This only includes major credit card companies like Visa, MasterCard, American Express, and Discover. Visa makes up 48.96% of the amount; MasterCard comprises 33.43%; while American Express, Discover, and other issuers share the rest.

According to the Nilson Report, the average number of credit cards issued by the largest banks in the US is around 432.4 million. Chase Bank, the top credit card issuer in the country, has approximately $119.4 million cards in circulation as of June 2009. This is around 27 million more than that of Citibank which comes second with 92 million cards. Bank of America ranks third with around 80.2 million credit cards.

The average number of credit cards that can be found in an American wallet is two. American households are gobbling up every opportunity to have a credit card. The Nilson Report states that 78% of American households had at least one credit card at the conclusion of 2008. This amounts to $2.1 trillion of credit card debt in the same year. The average number of credit cards that get paid in full every month is 54%. Credit card debt records show that Alaska has the highest debt while Nebraska has the lowest. The average number of credit cards carrying a balance that is less than $1,000 is only 40%.

41 out of 100 college students have credit cards. A number of these students use their credit cards to pay for tuition. Undergraduates who own credit cards are expected to amass around $20,000 in student debt.

All these numbers are reflective of the credit card and loan dependence that every American is experiencing. The recent economic crisis was partly due to debt mismanagement. Now that the economy is slowly recovering, all Americans are feeling the effects of this reality with rising APRs, transaction fees, and penalty fees that credit card companies are issuing in an effort to recover from this debt-driven slump.



  

Source: Credit Cards For People With Bad Credit Rating


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