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June 16, 2008
Posted: 03:15 PM ET
FROM CNN’s Jack Cafferty: Buy now, pay later… seems to be the American way. A new Gallup poll takes a look at Americans’ habits when it comes to their credit cards. When asked how they pay their credit card bills each month, 43% of those surveyed say they always pay the full amount. 17% say they usually do. 25% say they usually leave a balance, and 12% say they usually pay the minimum amount due. Only 1% pay less than the minimum. Credit-card holders have an average of about 4 cards. When it comes to those who carry a balance, 30% say they have a balance of more than $2,000. 19% have a balance of more than $5,000, and 9% say more than $10,000. The good news is people might be getting a little smarter about using their plastic. In April, the Fed said consumers actually used their credit cards less. And the poll found that the percentage of people who say they leave a balance or make the minimum payment on their credit cards has actually gone down over the past few years. This suggests that the shaky economy has more people thinking twice before whipping out their charge card. But it’s also a difficult situation for millions of people trying to figure out how to make ends meet. Just today the government reported the cost of living rose for Americans last month. Inflation increased 4.2%, led by surging energy costs. Here’s my question to you: How would you describe your relationship with your credit cards? Interested to know which ones made it on air?
Shirley from Ohio writes: Vern from Anaheim, California writes: Diane from Melbourne, Florida writes: Deb writes: Dave from Queens, New York writes: John from San Diego writes: J.R. from Arkansas writes: Filed under: Economy
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