Quicken, maker of America’s best-selling personal finance software, today shared findings from a recent survey that explores the financial habits of Americans, in particular their relationship with credit cards. The disconnect between habits and intentions provides new insight into the financial struggles facing the majority of the population today.
In general, the study shows that Americans of all ages and financial backgrounds are amassing credit card debt, and struggling to live within their means, and these behaviors are only getting worse. Americans reportedly believe that living within your means should be a priority at all stages of life, but their growing reliance on credit cards is at odds with this sentiment.
A society dependent on credit cards
Our society is heavily dependent on credit, with three fourths (77%) of Americans reporting that they own a credit card. Half (50%) of those in America’s middle class – with an annual income between $50,000–$99,000 – report using credit cards, rather than cash, for the bulk of their purchases. These new findings build on responses to a survey in June 2023, which discovered that two in five Americans with credit cards report being more dependent on their credit cards than ever before.
Americans are wary of credit cards
Two-thirds (66%) agree that having too many credit cards can lead to overspending. The majority of Americans also said owning more than a couple of credit cards can be stressful, especially for Millennials (71%), Gen X (69%), and Gen Z (68%), compared to 52% of Boomers.
A complicated relationship with credit card balances
Most Americans (81%) believe it’s important to pay off credit cards rather than carry a balance. This belief is especially strong for Americans whose income exceeds $200,000 (92%), compared to 76% of Americans making less than $100,000.
While 64% of Americans say that carrying a credit card balance is not a good idea, nearly half of Americans (45%) typically do, with a…
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