Usage Statistics

Credit cards have become a way of life. A large number of the American population owns a minimum of one credit card. With the increased popularity and use of credit cards, the amount of cashless transactions continues to accelerate.

According to the Bank of International Settlements, between the years 1997 and 2001, payments by credit/debit card for the United States of America have continued to rise. In fact, in 1997 the number of reported transactions was 16,817.3 (in millions). In the year 2001, the number of transactions was 29,542.8 (in millions). In percentage terms, payments involving a credit card have risen consistently on a year to year basis by between 13 and 16%. With easy access to credit, bank competition and the growth of the internet, it is likely that annual increases have at least sustained the growth rate of recent years if not exceeded it.

The reason behind the creation of these statistics is to keep an eye on the growth and/or decline in credit card usage. It allows such companies to keep a track of purchasing preferences and banks to respond to consumer demands. Government policy makers also keep an eye on credit card usage for the purposes of assessing individual debt levels.

There are some online resources from that offer statistical information on an assortment of topics including credit card usage. Websites which offer credit card usage statistics employ researchers and provide reports on a once off payment or subscription basis. The research is conducted in many countries such as the United States and Australia. However, access to the information may be restricted if you are not a registered member of that website. Commonly, the registration process is free. You can also subscribe to their newsletter and receive updated statistics by email. You can do an online search to discover more about the available services.

The responsible use of credit cards is also a big problem that faces all countries. With access to easy credit and banks regularly offering increased limits and raising repayment rates, unwary and spendthrift consumers often get themselves into a position whereby they cannot service monthly card repayments. This creates a snowballing effect on personal debt levels. In fact, according to the Motley Fools credit centre, 1.3 million users declared bankruptcy last year and the average debt carried per person in the US is $8,562. It is, therefore, imperative that individuals exercise responsible credit management and keep credit card usage within personal servicing levels.

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