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> Overall, nearly half (47 percent) of credit cardholders have revolving debt, meaning they don’t pay off their balance in full. Does this mean 53% of those do
by maerF0x0 3y ago
> Overall, nearly half (47 percent) of credit cardholders have revolving debt, meaning they don’t pay off their balance in full.
Does this mean 53% of those do pay off the balance in full each month? It'd be interesting to know what amount of that $1T is actually at 0% interest either due to introductory periods or being paid off in grace period. Depending on the answer to that, it may not be as eye popping because it shows the credit card is just being used as a more convenient form of payment, not as a debt mechanism.
- tmpz22 3y agoI wonder if something like a 0% APR Macbook purchase would appear against this statistic. I pay off my credit card every month but periodically lean on 0% situations out of convenience. With the rise of "Finance your small purchase!" on most eCommerce platforms it must really muddy the data.
- nine_zeros 3y agoAnecdotal, but I use 5 credit cards as a convenient form of payment, not as a debt mechanism. I use credit cards primarily for their cash back rewards. For every transaction I make, I try to find a deal in one of the credit cards I already have.