PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Look Left, Look Right; One of Your Credit Cards Might be Declined

Brian Riley by Brian Riley
January 23, 2019
in Analysts Coverage, Credit
0
credit card decline

credit card decline

3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

It may not be you; it might be the person to your left or right who expect their credit card to fail.  CNBC reports on a recent WalletHub survey that claims 1 out of 3 people are afraid the will max out their credit card when making a $100 purchase.

That is a bit concerning, and illustrates how the feeble the US houshold budget is.  Some other comments worth mentioning:

  • For example, men were 15 percent more likely than women to have maxed out a card, as were millennials when compared with older generations, particularly boomers.
  • At the same time, credit card interest rates have never been higher, setting the stage for potential problems for those at-risk consumers.
  • The average card interest rate is currently at a record 17.41 percent, according to CreditCards.com’s latest report. That’s up from 16.15 percent one year earlier and 15.22 percent two years ago.

Some interesting factoids from their infographic:

  • 43% of those surveyed have been paying off their credit card balance for 2+ years
  • Average Household credit card debt: $16,883
  • Amount each household pays in interest each year: $1,292
  • Average cost to transfer a $5,000 balance over 24 months: $326

Credit cards are perfect products for supplementing household needs, but they were never intended to be free. Sure, they can be tempting, but it is easy to rack up charges.

Watch for Mercator Advisory Group’s upcoming Credit Card Data Book, which is currently in the editing process.  In the meantime, take a look at the newly published 2019 Outlook for U.S. Payments authored by Mercator’s head of research, Aaron McPherson.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

Tags: CreditCredit Card
3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    cashless payments

    Exploring The Future of Cashless Payments

    June 8, 2023
    debit cards, Gen Z

    Debit Builds Consumer Loyalty Among Gen Z and Other Top Demographics

    June 7, 2023
    check fraud

    Check Fraud: The Threat is Real

    June 6, 2023
    smart banking

    Smart(er) Banking Requires More Than Just Tech

    June 5, 2023
    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result