The average consumer has more than $300 worth of debt on their credit card, according to a new report from financial intelligence company FourFourSecond.
In the report, FourFour’s CEO, Brian McBride, wrote that consumers are less likely to be proactive in terms of using their credit cards for things like purchasing goods and services.
“While a few consumers may want to be more proactive with their spending, they may not be willing to take the time to do so,” he wrote.
“And while they may be willing, it’s likely not enough.”
For the report’s participants, the main takeaway from their experiences was that consumers have less cash in their accounts than they think.
“There is a lack of transparency in the way that consumers use their credit and debit cards, and this leads to a lack in the confidence of lenders and consumers in the creditworthiness of their credit scores,” McBride wrote.
According to the report:”The average consumer’s total debt is $30,000, a number that has not changed much over the past decade.
This figure is not sustainable as the debt burden on the US economy continues to grow.”
The majority of the average consumer in the US holds a credit card.
Credit card issuers have been reporting a decline in card holders, but McBride said that the report was a snapshot of a single segment of the population.
“We’ve seen this change for consumers across the board,” he said.
“The numbers of people who don’t use their cards is growing rapidly.
It’s a trend that’s been going on for quite some time.”
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