The credit cards consumers choose can have a considerable impact on their overall financial health – so Louisianans should choose wisely. In a credit union survey featuring 8,069 respondents, 68 percent used at least one or two credit cards every month. The survey also showed that 47 percent of respondents held up to $1,000 worth of credit card debt. Another 23 percent owed between $1,000 and $5,000.
About 71 percent of Americans have at least one credit card, according to The Motley Fool. About 18 percent of Americans have three or four cards in their wallet – and those cards tend to carry debt. ValuePenguin recently reported that 41 percent of all households in the U.S. are in debt to credit cards with an average balance of $9,333.
According to an Experian article, credit card debt in the U.S. has increased by 6.58 percent. With the possibility that their credit cards could carry significant debt, it’s not surprising consumers want to shop around before choosing a card.
The majority of respondents in the survey – about 49 percent – said they look for the best interest rates and lowest fees in their credit cards. According to Experian, most Americans shop for credit cards with a similar mindset; 54 percent seek out a card with no annual fee while 40 percent look for a low interest rate.
It’s not all business, though. Another 45 percent of Americans said perks including points for travel, discounts and other rewards could influence them to apply for a card.
Americans might have clear motivations for seeking credit cards, but that doesn’t mean they’re easily finding the cards that suit their needs. Although consumers know they should shop for the best deals, according to the Experian survey, 69 percent of Americans said they feel researching the correct card is too time-consuming. Another 61 percent said they become overwhelmed by the number of options available and 57 percent said it’s too difficult to tell which card would work best for them.
Still, the majority of respondents in the Experian survey, 64 percent, said they believe their perfect credit card is out there – they just haven’t found it, yet.
Consumers don’t let stress over choosing their credit cards deter them from using plastic to pay. Experian says 459,000,000 credit cards are currently in circulation in the United States. The same study indicates 42 percent of consumers said they enjoyed keeping credit cards as a cushion for emergencies. Another 38 percent enjoy not carrying cash, while 34 percent see their cards as a way to build creditworthiness.
Your credit union offers a very competitive choice for a credit card:
VISA Classic Credit Card
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