Credit card stats

Seems like the question of the hour is whether or not credit cards are the next financial domino to fall. I was emailed some stats today from that might help you come up with the answer.

-10% of Americans are taking out more cash advances on their credit cards than in the past.

-One in five individuals surveyed indicate they are "sometimes" (14%) or "always" (6%) unable to pay their credit card and/or loan(s) balances each month.

-An additional 8% can only make minimum payment required and another 8% either always or sometimes pay less than the minimum.

-22% have between $5,000 and $20,000 in credit card debt, while 3% have more than $40,000 in credit card debt.

-When looking at their debt as a percentage of their available credit, 25% are at or near the maximum limit of their primary card with an additional 20% are at or near the limit of their secondary card.

-Over the past year, 13% of respondents have found it a lot more difficult to keep up with credit card payments, while 25% have found it somewhat more difficult. That compares to just 10% who said it was less difficult.

(Sources: Market Watch and Standard & Poor’s)

If you're wondering if your debt is too much debt, take the debt test and use the debt load worksheet found here.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

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