NEW YORK—Only half of America’s credit card customers believe they can pay off their December balance in full, according to an industry index. According to the company behind the index, it signals a “low ebb in credit card confidence” as consumers emerge from the holidays.
The LendingTree Credit Card Confidence Index, a monthly survey published since 2018 by the personal finance site, dipped to 51% in December, an all-time low. In a national survey, only 51% voiced confidence that they could pay off their card balance this month, the company reported. In November, the Confidence Index stood at 58.
Moving in Opposite Direction
If credit card confidence is slipping, many other industry metrics are moving in the opposite direction, USA Today noted in its analysis of the findings.
“The national credit card balance stands at $1.08 trillion, a record high,” USA Today reported. “The average interest rate has reached 21%, the highest point recorded by the Federal Reserve in nearly three decades of tracking. Some retail cards now charge upwards of 30%.”
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