Credit plays a central role in today's consumers' spending habits and financial lifestyles. Consumers are increasingly using multiple credit products strategically to maintain financial flexibility and maximize benefits.
Credit cards remain the most widely used, with 68% of consumers having an active account. In addition to mortgages and other major products, high-income consumers are leading the adoption of credit cards. More than half of consumers expressed interest in purchasing new credit products, indicating continued demand. Lenders who recognize this demand can position their products to appeal to credit seekers.
Consumers are looking to fill financial gaps, with 61% of consumers using credit at least sometimes when needed and 20% refraining from purchasing essential items if they don't have access to preferred credit options. Often depends on credit. The average monthly spend on credit and store cards is $2,721, demonstrating the vital role credit plays in consumers' household finances.
This December 2024 e-book features 10 impactful insights on the consumer credit economy, backed by data and analysis.
- Learn how income and demographics shape credit access and product preferences.
- Uncover spending trends and their implications for consumers, lenders, and policy makers.
- Understand consumers' reliance on credit for everyday necessities and its role as a financial lifeline.
Download the e-book here.
This report includes practical insights into the evolving credit economy and its impact on consumers, lenders, and markets. Ten charts of insightful data detail how consumer credit use is reshaping the broader economic landscape.
About e-books
“Consumer Credit — 10 Impact Statements e-book,” PYMNTS Intelligence This ebook is based on the monthly edition of the 2024 Consumer Credit Economic Report. This ebook is based on a series of studies conducted between March 2024 and November 2024 that examined how U.S. consumers use credit and the factors that drive their choices. has been. These reports, along with analysis of other economic data, are based on a census sample balanced to match the U.S. adult population across a range of key demographics. This ebook provides valuable insight into how consumers view and use credit.
