10 CRAZY Credit Card Stats You Won't Believe (Shocker Alert)

Guys, do you use credit cards on a regular basis every single day or for most of your purchases and paying your regular monthly bills? Let me know if you do in the comments below, guys. Now, in this video, I'm going to give you 10 credit card facts. Some of them are shocking, so you may want to pay close attention to them, guys. They may affect you, and you may be a part of these credit card statistics. Now, if you use credit cards on a regular, everyday basis, I'm not mad at you. I don't use credit cards, guys, and the reason I don't is because I don't want the temptation of using a car to buy something or pay for something that I don't actually have the money for right then and there. It's just what's worked for me. Now, if it doesn't work for you and you use credit cards and you use them responsibly, congratulations to you. But there's a lot of people in America that don't use credit cards responsibly. No matter where you stand on the pendulum of using credit cards, some things in this video may shock you. Let's jump right into it. The first shocking stat about credit cards is that a majority of active credit card users carry a balance, and that's according to the American Bankers Association. The specific figure is actually 56% of all active credit card users carry a balance over month to month. Pretty interesting because a lot of people I talk to that own credit cards, they say, hey, I pay off the balance every single month before the payment is due. I just pay it off. That's what most people say, but the statistic tells us that most people actually don't do that. They carry that balance over. Number two, the second shocking credit card statistic is that American households with credit card debt carry a balance of nearly $8,000. Now, that's according to statistics from the Federal Reserve and the U.S. Census Bureau. Now, back in 2013, more than 10 years ago, that figure was only around $5,500. So, it seems that more and more Americans are relying on and using credit cards now more than ever before. Now, the third statistic about credit cards is that if you have nearly $8,000 of credit card debt, it can take nearly a decade to pay that off. Racking up credit card debt takes a whole lot longer than actually trying to pay it off, especially if you're paying the minimum payments. So, just something to think about. It takes a while, especially in the last year or so where we're talking about record interest rates for credit cards. Now, the fourth interesting shocking credit card statistic is that Gen Xers actually have the most credit card debt. Now, Gen Xers are typically born between 1965 and 1980, and they're actually the age group that has the largest credit card debt. Next in line are the Baby Boomers who were born before 1965. They have the second most amount of credit card debt in terms of an age group. Now, the fifth is that residents in the state of Alaska is the one state in America that has the most credit card debt on average. Now, that's what the stats tell us when you do a state-by-state comparison of credit card debt. And believe it or not, guys, residences in the state of Wisconsin contains the American households with the least average amount of credit card debt. Guys, if you get value from this video, please smash the like button below. And please consider subscribing to this channel if you're not already a subscriber. And also, don't forget to share this video with your friends and your family. Number six, 42% of all college students have credit card debt. Unfortunately, that means, guys, that this whole phenomenon of carrying credit card debt cannot just be pinned on the Gen Xers and Baby Boomers. There's also a significant amount of younger Americans who are in college who actually are carrying credit card debt. Roughly four out of 10 of all college students have credit card debt today. Now, number seven is definitely a shocker. One in three Americans owes more money on their credit cards than money that they have saved. Now, guys, that poses two different problems. The first problem is a lot of spending on things that we don't actually have the money for. But the second problem is a lot of Americans just don't have a lot of money saved. So, too little saving and too much credit card debt, that's when you get number seven, having more money owed on credit card debt than you actually have saved up. Now, number eight is a shocker, too. The more wealthier a person is, the more money a person has, the longer they tend to carry credit card debt. People who earn a six-figure salary, they're more than twice as likely to have credit card debt for five years or longer. So, maybe that stat just says, hey, higher earners tend to believe that they're going to have the debt longer, that they have the means to handle and manage the debt better. So, maybe they tend to keep the credit card debt around longer and are in less of a rush to actually pay it off. Guys, I've recently partnered with Mint Mobile. They're built on the nation's largest 5G network. So, speed is great, coverage is great, and you get unlimited nationwide talk and text. It's super easy to switch over. It only takes about 15 minutes and it will save you a ton on your wireless bill because at Mint Mobile, they cut out the stores and the salespeople. So, they don't have to pay for all that overhead like other wireless companies. So, they pass that savings on to me and you, and they're able to keep their costs low. I'm a user of Mint Mobile and I'm a fan. Use my link in the description box below to get started and try using Mint Mobile for yourself. Now, let's get back to the video. Now, number nine is this, and I found number nine to be a shocker as well, guys. Men in America tend to have more credit card debt than women in America. Now, not by a huge difference, right? The numbers are close, but that kind of does away with that whole myth that women are more shopaholics than men. And I think some of that is because a lot of times what men purchase typically are higher priced items than what women purchase, but I could be wrong. You know, there are many potential reasons for the differences between men's credit card debt balances and women. Now, finally, number 10. The 10th credit card stat that will shock you is that, hey, there is a good chance that you're going to die in credit card debt. Nearly three-fourths of all Americans are in debt when they pass away. And when Americans pass away, only 37% of all Americans that pass away, pass away with mortgage debt. Only 25% of all Americans that pass away, pass away with car debt or automobile loans. However, a whopping 68% of all Americans pass away with credit card debt. Now, not to end on a grim note, guys, but the facts are the facts. The stats are the stacks. Now, most of these stats came from an article on SoFiLearn that you're more than welcome to check out for yourself. I think I'll leave a link to that in the description box below for you to read for yourself. Now, again, guys, this is not to shame anybody that has credit card debt or uses credit cards on a regular basis. I don't use them, and I'm going to link a video right here that explains exactly why I choose not to use credit cards. And I've built my wealth without the use or the help of credit cards or credit card points. But hey, guys, personal finance is personal. And if it works for you in a responsible way, and you're able to manage that credit card usage in a way that helps your personal finances, fantastic. Congratulations to you. I'm not mad at you. Hey, guys, if you got anything of value out of this quick video, do me a favor, smash that like button below for me. Please share this video with someone you know who uses credit cards on a regular basis. And also please consider subscribing to my channel if you're not already a subscriber. Hey, the best person who's going to take care of the old you is the young you. Guys, do me a favor, take good care of yourself, but also at the same time, take good care of other people as well. Guys, I offer one-on-one financial mentoring and coaching. If you're looking to grow your current income by adding additional streams of income, or you simply want to maximize your current income and get the most you can out of your money right now, or if you simply just want to become a better manager over your money, a better steward over your current personal finances, I may be a good fit for you. You'll find a link to my one-on-one personal financial mentoring and coaching below, along with a link to my schedule. Please feel free to reach out to me, guys. Until the next video, peace.