Question of the Day: What percent of active credit card accounts carried a balance in 2019?
- Why do you think that such a high percentage of people carry a credit card balance and pay interest rates over 20%?
- When did you/do you hope to get a credit card?
- If you have one, what do you use it for?
- What strategies can you use to prevent overspending on your credit card and paying lots of money in interest?
Behind the numbers (Comparecards.com citing American Bankers Association data):
According to data from the American Bankers Association, 43% of credit card accounts carried a balance as some point in Q2, 31% of accounts were active but didn’t carry a balance and 26% of accounts were dormant for the quarter. The number of accounts that didn’t carry a balance grew by 1 percentage point in the second quarter, while the percentage of those revolving a balance fell to the lowest levels seen in two years. While it’s great news that we’re not seeing more people carrying balances, the fact that so many people are carrying credit card debt in generally good economic times is troubling.
Your students will learn about the credit situation in their community with this interactive from the Federal Reserve.