CHARLOTTE, N.C., Aug. 22, 2019 /PRNewswire/ -- Americans are
paying their credit card statement balances in full less often and
feeling less confident about doing so in the future than at any
time in the past year, with women struggling the most, according to
the Credit Card Confidence Index, a monthly report by
CompareCards.com which measures cardholders' views on their
financial health. August marked the second straight drop in
consumers' confidence in their ability to pay their monthly
statement in full.
"We're starting to see signs that the nation's $1 trillion credit card debt is finally taking a
toll on cardholders' confidence. This isn't a full-blown crisis, by
any stretch, but it doesn't seem to be a one-month blip either,"
said Matt Schulz, Chief
Industry Analyst at CompareCards. "With fewer people paying their
statement balances in full and cardholder confidence dipping to
yearly lows, this is clearly something that bears watching."
Key findings
- Women are three times as likely as men to say they're 'not
at all' confident in paying their card statement balance in full
this month. Women are also more likely to say they never paid
their bills in full once in the past six months than to say they
did so every time.
- 21% of cardholders said they never once paid their cards'
monthly statement balance in full during the past six months.
That's the fourth straight monthly increase and the second highest
percentage in the past year.
- Just 30% of cardholders said they always paid their cards'
monthly statement balance in full over the past six months, the
smallest number in the past year.
- For the second straight month, consumers' confidence in
their ability to pay this month's credit card bill remains at its
lowest point over the past year. Just 40% of cardholders are
"very confident" they can pay their credit card monthly statement
in full this month.
"It's clear from our data that Americans feel less confident
about paying their credit card bills today than they did just a few
months ago, and that's especially true for women. The gender gap we
see is stark and particularly troubling," Schulz continued.
"Women are three times as likely as men to say they're 'not at all'
confident in paying their card statement balance in full this
month. They're also three times as likely as men to say they failed
to pay their statement balance in full even a single time in the
past six months. That's just not how it should be."
To view the full report, visit
https://www.comparecards.com/blog/study-women-credit-card-balance/.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help
people make smarter, more informed, healthier financial decisions
based on deeper knowledge of financial offers. Each month, over 2.9
million visitors come to CompareCards' website to independently
compare credit cards side-by-side and choose a credit card based on
interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use,
objective tools and educational resources that help people do
everything from making credit card comparisons to managing their
credit health. For more information, please visit
www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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SOURCE CompareCards