Credit takes center stage in the spending habits and financial lifestyles of today’s consumers. Increasingly, consumers strategically use multiple credit products to maintain financial flexibility and maximize benefits.
Credit cards remain the most widely used product, with 68% of consumers holding active accounts. Higher-income consumers lead in adoption of credit cards, in addition to mortgages and other key products. More than half of consumers express interest in obtaining new credit products, signaling ongoing demand. Lenders aware of these demands can position their products to appeal to credit seekers.
Consumers often rely on credit to bridge financial gaps, as 61% of consumers use credit out of necessity at least occasionally, and 20% would forgo essential purchases without access to preferred credit options. Monthly spending on credit cards and store cards averages $2,721, underscoring the pivotal role credit plays in how consumers manage their finances.
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The report contains actionable insights into the evolving credit economy and its impact on consumers, lenders and markets. Ten charts of insightful data detail how consumers’ credit use is reshaping the broader economic landscape.
“Consumer Credit — 10 Impact Statements eBook,” a PYMNTS Intelligence exclusive, is based on monthly editions of Consumer Credit Economy Report published in 2024. This eBook is drawn from a series of surveys conducted between March 2024 and November 2024 that examined how U.S. consumers use credit and the factors driving their choices. These reports were based on survey samples that were census-balanced to match the U.S. adult population in a set of key demographics, along with an analysis of other economic data. The eBook provides valuable insights into how consumers view and use credit.