NEW YORK— A new study confirms what many payments analysts have been sharing, that credit card usage is shifting more toward purchases of daily essentials, such as food, according to a new report.
The report also confirms what credit union card processors have been reporting in their own recent analyses, as CUToday.info has reported.
A Newsweek poll found that as the “mountain of America's credit card debt” reaches the $1 trillion mark, people are getting worried.
A majority of 55% of Americans are either “very” or “fairly” concerned about their ability to pay off their credit card debt this year, according to the report.
“If we include those who are only ‘slightly’ concerned, it goes up to 74%,” Newsweek said.
According to the recent survey conducted among a sample population of 1,500 eligible voters in the U.S., an overwhelming majority of Americans—81%—have at least one credit card, while 19% have none to their own name, Newsweek reported.
The report added that among the ones owning a credit card, 33% used it a few times a week, 12% multiple times a day, once a day, and a few times a month, while 5% and 8% used it once a month and less than once a month, respectively.
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