Among the 60% of American cardholders who do not pay off their credit card
balance each month, nearly half made just the minimum payment due last month.
This means that about one out of four cardholders in the USA now make minimum
payments. According to a recent survey conducted by International
Communications Research for the Cambridge Consumer Credit Index, about 37% of
Americans who couldn’t pay off their balances paid less than half the balance
outstanding, and 13% of consumers with an outstanding balance could afford to
pay more than half the balance last month. The findings are the result of
monthly nationwide telephone poll of 1000+ adults. ICR says in February,
32% of
consumers had taken on more debt while 68% had paid off debt. In March, 15%
plan to take on more debt, with 3% planning to take on a lot and 11% planning
to take on a little debt.
Among the 60% of American cardholders who do not pay off their credit card
balance each month, nearly half made just the minimum payment due last month.
This means that about one out of four cardholders in the USA now make minimum
payments. According to a recent survey conducted by International
Communications Research for the Cambridge Consumer Credit Index, about 37% of
Americans who couldn’t pay off their balances paid less than half the balance
outstanding, and 13% of consumers with an outstanding balance could afford to
pay more than half the balance last month. The findings are the result of
monthly nationwide telephone poll of 1000+ adults. ICR says in February,
32% of
consumers had taken on more debt while 68% had paid off debt. In March, 15%
plan to take on more debt, with 3% planning to take on a lot and 11% planning
to take on a little debt.