New Study Reveals The Average American\'s Credit Card Balance

Cash may be king ??But if that’s true, then credit cards are the ace ??Credit cards are easy, they can build credit and banks are offering more incentives than ever to sign up ??But according to Quartz there’s been little data on credit card demographics mostly because people aren’t exactly forthcoming about their spending habits ??But a new study by an economist at the Federal Reserve compared responses from an annual survey with those same people’s data from credit reporting agency Equifax ??In general 74% of American adults have a credit card - the older you are, the greater your chances for owning one are??And the average american has an average credit card balance of $4,560 - but even this has a cycle.

??The balance for those 25 and under is $2,340 then grows to $6,000 before falling again at 55 plus.

??What’s more shocking is that 44% of adults fail to pay their balance each month ??These adults tend to have less money and??While credit cards are a great way to afford certain products or services in emergency situations ??The study shows more education is needed for Americans to understand how credit cards work - and how dangerous they can be ??