According to a recent survey by national nonprofit American Consumer Credit Counseling (ACCC), more than 80% of consumers have at least one credit card. The number one purchase consumers use their credit cards for most is impulse buys (30%) followed by emergency expenses (18%), groceries (15%), gas (10%) and utility bills (6%).
Thirty-five percent of respondents carry 5 or more credit cards with them. Of these respondents, 32% have a monthly income between $1,000 and $2,499, followed by 20% with an income between $5,000 and $9,999. According to the survey, 39% of the respondents with a monthly income of $1,000 to $2,499 spend 20% to 25% of that income paying off credit card bills.
According to the most recent Survey of Consumer Finances by the U.S. Federal Reserve, the mean credit card debt of U.S. households is approximately $5,700.
Respondents in the highest income percentile have an average of $11,200 in credit card debt, nearly four times as much as households making the least.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management.