SAN DIEGO–A credit union-sponsored survey here offers some insights into local residents’ credit card behaviors, including that nearly a quarter of respondents said they are losing sleep over card debt.
The survey, sponsored by Mission Federal Credit Union, polled 500 San Diego County residents between the ages of 25 and 54, asked participants what purchases they made with credit cards, how many active credit cards they use, what their balance was, and how they managed and repaid their balance.
Among the findings:
- 65% of participants claim to use their credit card for necessary items or emergencies only
- 47% of participants prefer to keep a small number of credit cards, and only maintain 0-1 credit cards
- 45% said they use their credit cards responsibly, keeping their balance under $1,000 and paying it off in its entirety each month
- Approximately 13% said they are only making the minimum payments on their credit card balances each month. “In part, this difficulty in paying down credit card debt may result from using too many cards and losing track of money spent, as more than 50% of respondents carried between two and seven credit cards,” Mission FCU said.
- Almost 24% of participants are anxious about their credit card debt causing them to worry and lose sleep
- 44% of participants had less than $999 in credit card debt, while 11% had more than $10,000 in credit card debt.
“At Mission Fed, our members’ success is important to us,” said Mission Fed VP Card Services Lori Koscki. “These survey results will help us provide the right information and support to our members and the San Diego community, so they can use credit responsibly and pay down their credit card debt.”
More information can be found here.