The average American puts 48% of their purchases on a credit card. Due to rising inflation and increased prices, a new survey by Upgraded Points is revealing how often Americans are using their credit cards and the types of purchases people are making on them.
“It’s shocking to discover just how reliant we have become on credit cards as a nation,” said Keri Stooksbury, editor-in-chief at Upgraded Points. “Due to the rising cost of living, everyone, from baby boomers to Gen Z, is being affected, with over 50% of credit card purchases being essential expenses like food, gas, medical, and utility bills.”
Key Takeaways:
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53% of American credit card purchases are essential items like groceries, gas, and medical bills.
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Nearly 3 in 4 Americans depend on credit cards to cover emergency expenses.
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22% of Americans hit their credit card limit at least once per year – 42% have requested an increase in their credit card limit from their issuer at least once.
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3 in 10 Americans say it’s been 2+ years since they didn’t have a credit card balance.
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46% of credit card users are not paying their balances in full at the end of each statement period with one-third of Americans (33%) paying $100 or more in credit card interest every month alone.
Study Methodology
Diving into our nation’s spending habits, Upgraded Points surveyed over 5,000 U.S. credit cardholders asking Americans about their reliance on credit cards, balances, requests for increased limits by issuers, what is being purchased, and more.
Credit Card Balances by State
The top 5 states with the highest credit card balances:
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New Hampshire – $4,485
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Maine – $4,435
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Wisconsin – $4,347
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Alabama – $4,231
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Connecticut – $4,201
The top 5 states with the lowest credit card balances:
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Hawaii – $1,502
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Washington – $1,729
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West Virginia – $1,763
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Tennessee – $2,044
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Mississippi – $2,217
Surprisingly, there is no rhyme or…
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