Americans love credit cards. As of Q4 2018, the New York Federal Reserve estimates that there are nearly 480 million credit cards in circulation throughout the United States, racking up a total balance of $870 billion.
How many cards do you have, and why do you have them? What benefits do you see – aside from being able to buy things that you can’t afford to buy with cash?
A new Experian survey finds that 62% of Americans have one to five credit cards, with three on average. In addition, one-third of respondents plan to apply for a new credit card within the next six months.
“It’s difficult to imagine a world without credit cards,” said Rod Griffin, Director of Public Education at Experian. “So much of our everyday lives rely on credit for convenience, to respond to an emergency, to pay for something over time – enabling yo…