Does the average American really have 8 credit cards? ?
January 5, 2010 by
Filed under american debt consolidation
There is a debt consolidation company that has a commercial which claims that the average American has 8 credit cards in their wallet. I find this totally ridiculous, and hard to believe. Do you think that’s accurate or inaccurate?
I only have one credit card, and I have no need for even one more. Why in the world would the AVERAGE person have so many? I can see incredibly wealthy people having eight, because they have vast amounts of money and it isn’t really a concern for them. But I can’t see the average person having that many.
the only way I could see this being true is if they counted debit cards as well. But credit and debit cards to two different things.
Of course wealthy people have credit cards. Beyonce and Ellen sponsor American Express. You know they got one….
I don’t think a wealthy person would need credit. It is the people who aren’t so wealthy who need the extra money.
I think that the number is high, and I can believe that it is 8. Remember that most people have tens of thousands of $$$s in debt and cannot afford to pay it off. SO they play credit card roulette, and move balances all over the place. That’s why when gas goes to $4/gallon, all of a sudden people are stressed out. There are no savings and too much debt which they have to service every month. tba
That seems a little overstated, but it also includes store credit cards. Some people get sucked in to signing up for those every time they’re offered and then forget to cancel them.
My mom probably has at least that many. She’s carried cc debt since at least the 80s, and she’s one of those people who will transfer to balances to the 0% card once a year. I doubt she closes every single line of credit she opens.
My husband and I each have one and are authorized users on each other’s cards. I can’t really see the use for more either.
8?! Yikes…I cant even get one
Oh well, I guess its for the best.
8 isn’t so many. Pennys, Kohls, Discover, Mastercard. I also have a Best Buy account that I would call inactive – but Best Buy considers it a valid and active account even though I haven’t used it in 6 years – crazy. It depends on what you count as credit cards. My debit card is also a Mastercard – but draws right out of my bank account. I don’t think 8 is so many.
ummm may b they wanna atract wealthy ppl,no wait rich ppl dont need consolidation. ummmm possibly they want us 2 have 8 credit cards so we could b there customers, who knows? I only have 1 debit card.
We must not be average than. We only have 1. And for emergencies only. If you don’t have the cash to pay for it than you don’t need it……… This is why our country is in financial ruins, too much credit not enough assets and income
It’s probably true.
There are several reasons why people want to have many credit cards especially in the US.
1. Each credit card gives different benefit. For example, my Shell Visa card, gives me 5% discount whenever I purchase gasoline for my car from Shell gas station. So I only use this for this purpose. My Chase visa card gives 1 to 3% for general purchase. So I use this for everything else. I have Wamu card too, but I never use this at all, as I keep it only so I can access Wamu website and get my credit score every month. Some people have Walmart card, or JC Penney, or Target, as each of them give discount if used at that store. I don’t spend much on buying things, so I don’t need those cards.
2. Many people don’t know how to manage their finances, and overspend their money. Due to the lack of financial responsibility and high consumerism, many Americans pay with credit cards and pay it off on a revolving basis. So the more cards they have, the more money they can spend. That’s why a lot of people go bankrupt in the US, which also caused high rate of foreclosures, and mortgage crisis now.
3. Convenience. One credit card may not be enough in the case it gets declined, especially during overseas travel.
I have 0 credit cards. Don’t need one, don’t want one. If there is something I want, I save up my money and buy it, instead of getting myself into debt. Credit cards are designed to keep the poor man down and make the rich man richer.
Seems high, but I suspect the extras are actually store cards, gas cards etc.
The important thing isn’t the number of cards, it’s the outstanding debt. If it’s paid off monthly, 100 cards is okay (albeit a bugger to keep track of!). If you carry a balance, even one card is too many.
Personally, I have (let me see now….) 4 major cards plus an old Sears card I’ve used exactly once. But I have huge limits (wife and I spend a lot of money on work travel) and pay them off every month. Haven’t spent a dime in interest for many years.
My main reason for NOT having more cards is simple logistics: I don’t like having to juggle payments for too many cards, too easy to miss one payment.
So 8 sounds high, but I think it’s all relative to what works for you.
I can see this as being true if they count merchant cards as well, macy’s,target, home depot,etc….
I have 8 credit cards but they are not all in my wallet I only carry 3 cards and if they have a special at a certain store to get discounts with it I take that card for that day
I have heard 5, unfortunately i don’t have the site to back that research up. I have 6, but only use 1. this one has kick a;s rewards. I think debit cards are part of this stat you have.
There’s the generic visa and mastercard.
Then there’s the shell gas card, the exxon gas card, the jcpenny store card, the wal-mart card, the sears card, the …..
Here’s a hint: Wealthy people became wealthy because they AVOIDED credit cards. Who needs a credit card when you have $25,000 in the bank?