The February poll by American Consumer Credit Counseling focused on your credit card use. We wanted to find out if your credit card usage was responsible or out of control. Depending on the usage, credit card debt management can hinder your finances, especially if you use your credit cards for purposes such as emergency expenses. According to the survey results, 18% of the respondents use credit cards for emergencies. 30% of them use their credit cards on impulse buys. Of the respondents carrying 5 or more credit cards, 32% have a monthly income between $1,000 and $2,499. Over one third of these card carriers spend 20% to 25% of their income paying off credit card bills. Check out these and more interesting findings on this month’s infographic.
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If you’re struggling with credit card debt and are seeking advice, ACCC can help. Schedule a free credit counseling session with us today.