Few Americans have a $0 credit card balance each month, survey says

As credit card debt among Americans continues to grow and paying with plastic becomes more common, a new survey on credit card usage from Lantern by SoFi says that just 13% of respondents carry a $0 balance from month to month. 

The most common credit card balance people carry ranges from $1 to $2,500, with 40% of people saying they carry this amount monthly. A small percentage (7%) said they carry a balance of $10,000 or higher. 

SoFi also reported that women were 1.5 times more likely to carry a no balance on their card, compared to men. In fact, 16% of women said they had "no regrets" when it came to their credit card purchases.

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Americans are putting more of their purchases on credit cards

Nearly three-quarters to all purchases are placed on 38% of respondents' credit cards, the survey showed. Furthermore, 15% of those same respondents said their card-based spending specifically applies to a minimum of 91% of their purchases. 

Another 29% reported that they at least half of their expenses are purchased via a credit card.

A personal loan can help if you're looking to consolidate and pay off credit card debt. Use an online marketplace like Credible to make sure you’re getting the best rate and lender for your needs.

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Don't memorize your card number – here's why

While you may think memorizing your credit card number could make purchases quicker and easier, you might want to think again. SoFi's survey showed that people who have their card number committed to memory have higher levels of debt.

In fact, about 41% of the survey's respondents who had card number memorized reported a monthly balance of at least $5,000. Comparatively, 46% of those who didn't know their number by heart had a monthly balance between $1 and $2,500. And, just 5% of people who memorized their card number reported a $0 balance each month. 

Many people later reported having regrets about using their credit cards, specifically when it came to purchases of food, gas, vacations and cars.

A personal loan may be useful in helping to pay off high-interest credit cards and get a lower interest rate. You can compare rates from multiple lenders at once by visiting Credible.

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