Experian Study Determines Areas in US Where Credit Card Use is Still at Top Figures
Experian, one of the credit reporting bureaus, said that some cities are experiencing a problem in terms of the growing credit card debt that each resident have. Residents of these major cities own credit cards more than the average residents of other states in the US.
New Yorkers top the list. They are known to have the highest number of credit cards that a residents has. The average ownership is 3.7 cards for each person. Knowing this fact, the debt that each New Yorker own is about five thousand seven hundred dollars more compared with the average. But even though the result is strikingly unusual, the study shows that the residents do not realistically use their own credit cards more.
The other states have debts ranging from six thousand seven hundred dollars for Atlanta and six thousand five hundred for Seattle. The next state which has the most number of credit cards per resident is Pittsburg. They own an average number of credit cards of 3.6. Their average debt balance is five thousand nine hundred.
The study conducted by Experian shows that most American prioritize to open their own credit card accounts. The study was conducted in 20 major cities at the United States. The result also showed that there are more credit card users today compared from the last three years.
The study also recognized that there are less co-branded cards when compared with bank cards. But some cities did not show the same results. These major cities are Ohio, Atlanta, Miami and Pittsburg. The rationale was branded cards like those which are used frequently now a day offers higher interest rates. The bank cards however contain lesser rate. These results show significance for some residents in choosing the appropriate type of card that they should open and use.
Phoenix occupies the list at the bottom. The residents in this state only opened an average of 2.7 credit cards. The study showed that they also use their credit cards less when compared with the other major cities in US. Houston and San Francisco were also hailed to have the least credit card debt for each resident.
The study showed an average of five thousand three hundred dollars for each city. As a result, the study said that American citizens are doing their best to reduce their debt with the use of credit cards. This shows a potential recovery for the whole economy of America.
